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  Adobe to buy Macromedia for $3.4 billion
Time: 08:22 EST/13:22 GMT | News Source: News.com | Posted By: Jonathan Tigner

Computer document company Adobe Systems said on Monday it agreed to buy multimedia software firm Macromedia for about $3.4 billion in stock, a move designed to extend its lead in the market for creating and distributing digital documents.

Adobe, best known for its Acrobat document-sharing software, said the deal would help it meet rising customer demand for audio and video options that are compatible with hand-held devices.

Macromedia also gives Adobe access to the dominant animated graphics software on the Internet and fits into an aggressive expansion into mobile phones.

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