Sky Sports and BT have agreed to pay £4.464bn to show 160 Premier League games a season from 2019/20 until 2021/22.
The broadcasters are splashing out less than last time, when they paid a total of £5.136bn for 168 games.
Sky, the owner of Sky News, will pay £3.6bn to show 128 matches per season, two more than under the last deal, while BT will screen 32 games, down from 42 in the previous arrangement – paying £885m.
Under the latest expanded deal, which in total offers 200 games for broadcast, there are still two packages of 20 fixtures a season each on the table – and “interest from multiple bidders”, according to the Premier League.
On average, the price per game under the newly agreed deal is about £9.3m – less than the average £10.2m last time, though each of the seven “packages” of rights will carry a different value depending on when they are screened.
Sky is paying 16% less per match and its deal will mean it has every “first-pick” weekend fixture, plus Saturday evening matches for the first time.
The broadcaster will remain the owner of rights for “Super Sunday” games as well as Monday and Friday night football, also taking over Saturday tea-time games.
It is paying £1.193bn per season under the terms of the new deal, down £199m from last time.
The remaining as-yet unsold 40 games per season can only go to others who have already been part of the bidding process. No single buyer can hold more than 148 of the 200 matches available.
Premier League executive chairman Richard Scudamore said: “We are extremely pleased that BT and Sky continue to view the Premier League and our clubs as such an important part of their offering.
“We will now continue the sales process to deliver the best possible outcome for the remaining packages of rights in the UK and throughout the rest of the world.”
Barney Francis, managing director of Sky Sports, said: “Sky Sports customers will continue to enjoy unrivalled Premier League coverage through to 2022 with 128 live matches a season from next year – more than ever before – including the key head to heads in the best slots.”
Stephen van Rooyen, Sky’s UK chief executive, said: “We continue to invest in content that our customers value and which complements our strategy to broaden our offer.”
BT is paying £295m a season for 32 games, down from £320m before when it had more matches.
Marc Allera, chief executive of BT’s consumer division, said: “The Premier League is undoubtedly the most competitive and exciting domestic league in the world, so we’re delighted that our customers will be able to continue enjoying Saturday games on BT Sport.”
BT, which currently shows games at 5.30pm on Saturdays, will move to Saturday lunchtimes from the start of the 2019/20 season. That will mean spending about a fifth more per game than last time.
The remaining 40 fixtures a season up for grabs cover mid-week and Bank Holiday football.