According to Om Malik:
Six Apart, the parent company behind hosted blogging service TypePad, and Moveable Type is about to acquire Live Journal, for an undisclosed amount. The deal is a mix of stock and cash, and could be announced sometime later this month, according to those close to the two companies.
If the deal goes through, then Six Apart will become one of the largest weblog companies in the world, with nearly 6.5 million users. It also gives the company a very fighting chance against Google