Sky and BT have paid a combined £5.136 billion to secure the Premier League broadcasting rights in the UK for three seasons (2016/17, 2017/18 and 2018/19).
"The Premier League today concluded the sales process for the seven packages of UK live broadcasting rights for the three seasons 2016/17-2018/19," read a statement on the Premier League's official website.
"The overall value delivered for the seven packages, following an open and independently scrutinised sales process, is £5.136bn."
This new record deal will see a 70% increase on the £3 billion that Sky and BT are currently paying to telecast the top flight English competition in the UK, meaning that the broadcasters will be paying in excess of £10 million to screen each game.
While Sky have paid £4.176 billion for five packages, which consists a total of 126 games, BT have secured two packages containing 42 matches for £960 million.
Premier League chief executive Richard Scudamore praised the efforts of Sky Sports and BT Sport, insisting that the two broadcasting companies have "done a tremendous job" to bring the matches to the fans and provide "revenue" to clubs.
"Both Sky Sports and BT Sport have done a tremendous job in bringing the game to the fans as well as providing the revenue that allows clubs to invest in football, facilities, youth development and their communities," Scudamore told Premier League's official website.
"It is an endorsement of what the Barclays Premier League delivers that these broadcast partnerships have been extended and enhanced today. We are grateful for the continued belief that Sky Sports and BT Sport have in the Premier League and our clubs, both as a sporting competition and organisations to work with."
Presenters from both Sky Sports and BT Sport were quick to share their opinions on social media following the announcement of this mammoth deal.
"I want sensible ticket pricing and grass roots football to benefit as much as possible from this deal. Who doesn't! This is a big issue! However the @SkyFootball staff produce / direct and present football better than anyone else. The best won!" Sky Sports commentator and pundit Gary Neville posted on Twitter.
Another Sky Sports pundit Jamie Carragher added on Twitter: "That's the coaching badges out the window for a few years. Great day for @SkyFootball but with the amounts involved ticket pricing especially for away fans has to change. £20 for the 20 away games."
BT Sport main presenter Jake Humphrey also posted his views on Twitter saying: "Delighted that @premierleague football remains on @btsport for another 3 years. More games, plus Champs League, FA Cup & European matches."