How much of it is hype though? Tencent invested $150 million into Reddit but all I read on FP are Hong Kong demonstrations and Tank Man.
If Reddit is the "forum of the internet" then it won't matter if it slowly erodes into a Fox News like media presence. It will exert the gravity over other forums through its "reasonability" on non-sensitive topics.
Kind of like how most modern politicians don't say anything bad about Israel.