Storylane founder Jonathan Gheller posted the news to the site today, assuring Storylane members that Facebook isn't buying any of the site's user-generated content:
This is an exciting opportunity. Facebook's mission of connecting the world has always been at the center of our work, and like our friends at Facebook, meaningful connections are what our team is most passionate about.
The beautiful stories you have decided to share with us are yours to keep and share in however way you want. We are building tools that will help you migrate the content to other services if you so desire. I will be in touch with you about those specific tools later, but I can confirm that Facebook is not acquiring any of your data; and we're working to make sure you can migrate your content in a manageable way.
It sounds like the Storylane team could help users build some of that content. The publishing platform showcases a lot of stream of consciousness-type entries -- a hodgepodge of questions, advice, reflections, and photos.
Storylane launched just last October. Both Yahoo and Facebook were interested in acquiring the company, according to GigaOm.