Here’s the press release, plus the PaidContent digest here.

Y2M currently hosts about 450 college papers, reaching over 5 million students. Y2M’s college-site subsidiary, College Publisher, had recently acquired New Digital Media group, making it a near monopoly in college paper site hosting. MTVu, MTV’s 24-hour online college network, has promised that “new online features will come available to the affiliates.”

From the Variety article (which mentioned the $20 million price tag): “‘Bringing MTVU and Y2M together is another avenue for us to be everywhere our audiences are,’ MTV Networks chief Judy McGrath said.”