Development, yes. But content management?

The Adobe/Macromedia is now being described as a content management play:

The friendly acquisition of Macromedia by Adobe bodes well for both companies: Adobe has been perceived as lacking direction in recent times. It has steadily built up its document management capability, helped by the previous acquisition of Q-Link in 2004, which added workflow capabilities to its document process management solution, known as Intelligent Document Platform. However, it has seemed out of touch with the movement elsewhere in the market, particularly in Enterprise Content Management (ECM), where large players have been busy consolidating.

The situation with Macromedia was the reverse, in that it had a clear strategy in offering advanced tools for Web page and application creation, built around the ubiquitous Flash engine, in anticipation of a growth in [rich Internet applications].

CommentWire by Datamonitor – Adobe / Macromedia: strategically positioned for content riches

I’m a little confused by the reference to content management. Neither Adobe nor Macromedia has an enterprise content management solution at this point. Both are mainly focused on content development. I think that getting into content management would be an excellent idea for the combined company, but I fail to see the current relevance of content management to this merger.