Having just listened, I can understand that misinterpretation!
I can buy that Selig's words may have been intended, at some level, as a jokey hypothetical to draw a point into contrast. That is, he meant it as (fleshed-out sympathetic rewording): "If this really is just about a $20M drain to you, it'd be a dead-simple & efficient solution to pay $10M to make me go away quietly forever. But of course I wouldn't ask for that & you wouldn't do it, thus this isn't really just about solving your $20M/year cost center, but other mutually-agreeable futures."
But Selig's actual wording in the clip is exactly how people coyly/semi-deniably imply that they be handed various kinds of "go-away" or "hush" money. (That includes arrangements that might not technically be "blackmail" as a legal definition, but feel like vernacular 'blackmail' to laypeople or business-negotiators.)
Selig's opening words, of this audio clip, absolutely sound like an actionable offer "pay me this specific cash amount & your troubles – both technical/competitive & in terms of any ruckus I can raise in public – go away." I mean, here's Selig's exact words:
"Uh, hey, I could make it really easy on you, if you think Apollo is costing you $20M a year, you cut me a check for $10M, and we can both skip off into the sunset. 6 months of use, we're good. That's mostly a joke."
Until "that's mostly a joke", & depending on earlier context/levels-of-mutual-trust, that sounds like a specific offer to do whatever eases things for Reddit in return for $10M cash.
And even after "that's mostly a joke", the 'mostly' leaves open that maybe something of this shape is legitimately in Selig's mind as a resolution.