Discussion: Reddit worth 12.8 million dollars?

Guess many of you know this already. But is Reddit really worth that much? Their income-source is one big ad on the right that I never even thought about clicking.

http://sam.bluwiki.com/blog/2007/04/y-combinators-portfolio.html

YC Companies that have been acquired / sold:

Reddit - Valuation: acquired by CondeNast for a reported $12.8 million [3]. - Equity: An initial 8% diluted to 7%, additional 3% in the first round of funding. Justification: They were initially rejected, & YC didn't like their initial idea (hence the high 8%). A year after starting, reddit did seek additional capital (<$100,000). At that time, I'm guessing that they had a premoney valuation of $1MM, meaning their the 8% would be diluted to approximately 7%. My guess is that YC provided at least $30,000 of the this funding, for an additional 3%. - Invested capital: Initial $15,000 with an investment about a year later of ~$30,000