Morisy.com

BusinessWeek keeps bringing up MySpace and Facebook when discussing the purchase, though no social networking implementation has been (yet) announced.

Other plans are hinted at, however:

The deal is likely to help boost growth at Y2M. The company will have access to mtvU's 120 major advertisers, as well as some new content and Web functionality from MTV. "We're looking forward to supporting them with new tools and advertising opportunities, empowering them to expand their offerings and audience as well as improve their financial performance," said Stephen Friedman, general manager of mtvU.

Streaming MTV video on news sites? Can sponsored headlines be far away as markets seek to reach that vaunted 20s demographic in any way possible?

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."