How do you "buy" HN? HN is a community-driven site and long-running experiment. I suppose YC could sell the domain name, but the community would just evaporate and move elsewhere over night.
True, but this wasn't the doing of Conde Nast, nor did Conde Nast see this 10x increase when they pushed reddit out on its own. Reddit's growth was organic.
Last I heard, CN still owns reddit even though the site now operates independently, so CN still has the chance to recoup their investment, but this will take a more profitable business model without sacrificing user trust. Valuations on sheer page hits or user counts are faulty with a capital F U if you can't figure out how to make money from them.
It doesn't matter if it was Conde Nast's doing. They made an investment in a new media property, and it has seemingly gone splendidly with little to no 'fallout' from having a corporate overlord owning a community site.
Reddit could make a fortune - they just don't try very hard. We'll see what the next CEO does. But if profit was a concern for Conde Nast it wouldn't be hard to deliver it.