As reported on Brand Republic last month, Milkround.com, which also attracted interest from Daily Mail & General Trust and Trinity Mirror, had been in discussions with News International about a possible sale.
News International has not disclosed the amount it is paying, but according to media reports, it is understood to have paid in the region of £20m.
Milkround.com, which was launched in 1996 by internet entrepreneur Tom Hughes, is rated highly among UK users as a commercial jobs website.
News International said Milkround.com would appeal to young Times readers because it tracked job opportunities available at graduate recruiters.
Les Hinton, executive chairman of News International, said: "Students are an important element of The Times readership, and we believe that this link-up will strengthen our leading position in the student marketplace."
The group said it also planned to use Milkround.com's online platform to support its print employment supplements Career and First Executive.
The Milkround acquisition is the latest addition to Rupert Murdoch's online portfolio, with News Corporation having bought a 51% stake in ringtone company Jamba for $187.5m last month.
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