Reddit will no longer be a part of Conde Nast. Instead, Reddit becomes an independent company under Advance Publications, which owns Conde Nast, cnet.com reported.

By becoming a bigger wheel, Reddit General Manager Erik Martin says, the site will be able to "go back into startup mode." He says, "We'll be able to innovate faster and get resources we need."

Martin now reports to a new board of directors that includes Reddit co-founder Alexis Ohanian. A search for a new CEO of Reddit is underway.

Martin says Reddit was getting 700,000 page views a day when it was acquired in 2006, and that it's now getting 1.6 billion page views a month (note unit mismatch; do your own math) on 21 million unique users.

Readers, Martin says, will reap the benefit of a new, unified reporting structure within Reddit. He pointed to accelerating the development of tools for moderators and for third parties that make products that work with Reddit.

"We've been wanting to do this for a long time," Martin said, "but there was no revolt or uprising."