Nope. Completely separate company created by a merger of Authorware Inc. and MacroMind-Paracomp in 1992. Macromedia acquired various smaller companies over the years, building up their software library as they went, and were finally acquired by Adobe on December 3rd 2005, after a stock swap agreement (April 18th 2005) valuing about $3.4billion.

The amusing thing is, Macromedia and Adobe were massive rivals before the acquisition of Macromedia by Adobe.

http://en.wikipedia.org/wiki/Macromedia