Airey made the move to the world of media acquisitions in December last year after four years at Sky, having previously been chief executive at Five.
She is understood to have left Iostar after a disagreement over her new contract.
Iostar was set up by Mark Greenslade, the former Hallmark executive and co-founder of Hit Entertainment, along with Tim Carron Brown, former chairman of internet firm Efdex.
Iostar works with partners including BBC, Channel 4, Discovery, RHI Entertainment and Reader's Digest.
The company launched its distribution arm at industry show MIP-TV this year with more than 200 hours of original programming.
Airey has worked in the television industry for more than 20 years, joining Central TV as a trainee in 1985. She was promoted to controller of programme planning in 1988, becoming a director of the broadcaster the following year.
In 1993, she moved to ITV where she took up the role of controller of children's and daytime programmes. A year after this she moved to Channel 4 to become controller of arts and entertainment.
Airey joined Channel 5 as director of programmes in 1996 and became chief executive of the channel in 2000.
Because of Airey's departure, Mike Darcey, chief operating officer, took on responsibility for Sky's advertising sales, broadband internet portal, joint ventures, channel distribution agreements and commercial relationships with third-party channels._1.jpg)
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