Tencent investment in Reddit sparks censorship worry, United States News & Top Stories
14 February, 2019, 07:10 | Author: Eric Barnett
Reddit has confirmed that it has raised $150 million from Tencent and $150 million in Series D funding at a $2.7 billion pre-money valuation and a $3 billion post-money valuation, according to TechCrunch.
In the past, Chinese authorities have blocked information related to the crackdown against protesters in Beijing's Tiananmen Square on the anniversary of the event.
Reddit said it planned to use the money for worldwide expansion and to enhance its digital advertising platform to better compete in a market where Facebook and Google now take in most of the revenue.
Executives will use the new funding to bolster the capabilities and functionality of the company's platform as they seek to make it more friendly to advertisers.
The announcement prompted criticism of Reddit for linking itself with a company from China, where the ruling Communist Party enforces extensive online censorship.
Huffman said Tencent has invested in lots of video games companies, and video games are a popular category on Reddit, a social news and media aggregation company based in San Francisco, Northern California.
In the following days, users posted links to Reddit depicting imagery banned by Chinese censors.
Winnie the Pooh has also been blocked at times on Chinese social media sites as bloggers compare the cartoon character to the country's President Xi Jinping.
Reddit was co-founded by Mr Alexis Ohanian, husband of tennis superstar Serena Williams.
Reddit has been on a roll lately, growing its audience to 330 million monthly active users generating 14 billion page views in 2018. Reddit is ranked among the most visited United States websites and has more than 138,000 "communities" for discussions on various topics.
Reddit is also known for "ask me anything" sessions with well-known people such as Microsoft co-founder Bill Gates and former USA president Barack Obama.
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