The first time I saw the news I thought it was a hoax. Three days have passed since, and nobody from AOL nor Red Hat has denied the information, so let’s believe there’s some point in it.
The original article is here (The Washington Post). What people is saying: Slashdot, Kuro5hin, Ars Technica, Barrapunto [Spanish], Cat-Linux [Catalan].
Also interesting is this article in Newsforge, which I agree: Red Hat with AOL/TW recources will be powerful enought to battle Microsoft.
Update: There’s no buy-out, according to CNet.