The deal represents a £69m drop on the current deal, meaning Football League clubs will see TV income cut by 26%.
Sky Sports will broadcast 75 matches from the Npower Football League, the play-offs, 15 matches from the Carling Cup and the Johnstone’s Paint Trophy final under the new agreement for the three seasons from 2012-2013.
Sky will also broadcast a highlights show as part of the package.
The broadcaster currently shares coverage with the BBC.
Football League chairman Greg Clarke says: “I am confident that our clubs will take heart from seeing such a significant ongoing investment in their competitions, despite a reduced level of broadcasting income, as it provides financial certainty in uncertain times.”
He adds that the climate had been challenging to negotiate TV rates due to the state of the economy and lack of “competitive tension” in the sports broadcasting market.
The BBC says it was unable to make a competitive bid for live TV broadcast rights given the current financial climate. The broadcaster currently shows 10 live Championship matches a season, two legs of the Carling Cup semi-finals and shared coverage of the final.
A terrestrial highlights package, expected to be worth seven-figures, is still available for broadcasters to bid for.