Jeremy Allaire’s still-in-beta Brightcove is announcing the aquisition of Seattle based metaStories this morning at 8 am EST.

This looks like a good match. Brightcove is focused on “Internet TV,” or creating an Internet outlet for media producers. Heather Green at Business Week calls it “distribution feeds to micro-audiences”.

MetaStories, on the other hand, has tools for actually creating that content. Their main product, StoryMaker, is a publishing tool for creating interactive Flash content.