No, it targets any digital platform at the discretion of a single elected Member of Parliament.
If /r/australia got too influential or troublesome to this politician, in the lead up to an election perhaps, then there is no need to get anything through parliament - this individual can essentially add reddit.com to a list and then send Condé Nast the bill.
No, it would be more like saying Nest owns Google because they have the same parent company. If anything, reddit is the larger of the two. And the parent company that own Conde Nast (Advance publications) does not own all of reddit, unlike how Alphabet owns all of Google.
If /r/australia got too influential or troublesome to this politician, in the lead up to an election perhaps, then there is no need to get anything through parliament - this individual can essentially add reddit.com to a list and then send Condé Nast the bill.