Advance offering 7.8M Reddit shares at $145.38-$148.54, Bloomberg says

Advance Magazine Publisher, the arm of Newhouse publishing, is offering 7.8M shares of Reddit (RDDT) for $145.38 to $148.54, which would be valued at as much as $1.2B, Bailey Lipschultz of Bloomberg reports, citing people familiar with the matter. The range would represent a discount of as much as 8% to Reddit’s closing price on Thursday. Separately, Advance is buying derivatives on the shares, which will allow it to maintain its ownership stake while enabling it to create the credit facility, a source told Bloomberg. Shares of Reddit are down 7%, or $11.42, to $146.60 in premarket trading.