The outcome was predicted by plenty users in this community, but now the news are noticing it.
Reddit hosts hardly any content. It’s a link aggregator.
All the text content, all votes, posts, comments, etc. probably only fill a few TB. The video and image hosting part is a bit later, but arguably not huge either. Given the salaries in the valley, just having a meeting with 10 people about deletion is probably more expensive than storage for the next 5 years.