Of course. They could sell it tomorrow for a nice multiple. They bought it for like $15 million and could easily sell it for $100+ million.
Conde Nast hasn't owned Reddit since 2011.
Technically, no, just their parent company.
"In September 2011, Reddit was split from Condé Nast, and now operates as a subsidiary of Condé Nast's parent company, Advance Publications."
i.e., they don't have a 100% stake.
it's becoming a force of its own, influencing other sites to follow it and setting trends and attitudes. 2chan is a massive social force in Japan. and reedit is following in its doorsteps and on a path of bigger things.