The deal will mean the Viacom-owned network will be able to reach an extra 5m students via 450 online titles providing news, sports, weather and events information.
Judy McGrath, chairman and chief executive of MTV Networks, said: "This acquisition is in line with our business strategy of moving forward in the digital space and continually expanding our online portfolio of music, gaming and entertainment."
The acquisition builds on other recent online MTV buys including gaming platforms Xfire and Gametrailers, online firm archive IFilm and virtual pet site Neopets.
MTV says the combination of Y2M and mtvU will allow student papers to access affiliates and revenue sharing opportunities within the network.
Stephen Friedman, general manager of mtvU, said: "Student publications are the lifeblood of college campuses, and we're looking forward to supporting then with new tools and advertising opportunities -- empowering them to expand their offerings and audience, as well as improve their financial performance."
Last week, MTV launched the website to precede the launch of its first UK community-based channel MTV Flux, on September 6. The channel will feature back-to-back music videos chosen by members and user-generated content. It uses the bandwith taken up by VH2, which ends this month.
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