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Sorry if this is obvious but how does this work if Conde Nast/Advanced Publications is the primary shareholder?

They were acquired by Conde Nast but have since parted ways to go private: http://betabeat.com/2011/09/a-startup-is-reborn-reddit-no-lo...

That article says that they're still owned by Advance Publications, though (the Conde Nast parent).

I'm confused as well. Is Advance Publications retaining a stake? Are they spinning it off? ???