Quick summary - As K-Mart did to Sears, and then WalMart did to K-Mart, so Reddit has done to Usenet.
- Sears, a dying company, bought K-Mart, and they died together. K-Mart didn't do anything to Sears.
- Walmart didn't do anything to K-Mart except sell stuff cheaper and work on its supply chain. Wikipedia article says this: "Unlike its competitors Walmart and Target, Kmart failed to invest in computer technology to manage its supply chain."
I don't understand the analogy at all.
As did multiple independent web forums (based on phpBB etc.) which allowed closed communities and moderation and we're more approachable for beginners.
AOL's CD mailers, or microsoft/apple including an http browser in their operating systems.