Personally, I don’t get it. LiveJournal is known mainly as a kind of blog ghetto, usually LiveJournals are angst-ridden teen diaries that are quickly abandoned after a few weeks. The LiveJournal technology is nowhere near as advanced as that in Movable Type. The LiveJournal team does have some interesting technology in regards to load balancing software and file systems, but most of that is open source and could be used without acquiring the whole company.
Granted, this acquisition would give 6A a huge marketshare, but with all the recent problems with Movable Type installations (which to their credit were fixed with the new release) and the whole licensing brouhaha of last year, I’m not sure that this gives them much advantage. Then again, if they can improve LiveJournal to make it a more credible competitor with Blogger good for them. It will be interesting to see what they plan on doing in the future.
Personally, I’m perfectly happy with WordPress, but anything that helps foster innovation in blogging is a good thing.
UPDATE: On the other hand, Slashdot is saying it’s not being sold… interesting…