So my guess was right :D, I knew it for long basically…
So now when you go for MessageCast, it redirects you to msn alerts page and shows following message
We have an important announcement: The MessageCast LiveMessage service has been acquired by Microsoft Corporation.
Welcome to MSN Alerts
MSN Alerts enables customers to instantly connect to the information that they care most about via MSN Messenger, Mobile, and Hotmail. Click here to learn more about this free service.
More info on their official press release