Adobe buys Macromedia

According to the Guardian and other sources Adobe is buying Macromedia for $3.1 billion (USD), Adobe downloads Flash for £1.8bn or Macromedia – Press Room : Adobe to acquire Macromedia. Stephen Elop, who I believe did CS at McMaster, will be head of worldwide field operations. Rob Burgess who also was at McMaster joins the Adobe board.
What does this mean for the multimedia software industry? Not good – we now have only one major provider of tools with an almost monopoly over our tools from Flash to PhotoShop. Time for some new competition.