Stephenson is rejoining the broadcaster less than a year after she left the company, when she was advertising director on SkyMag.
She left Sky to join Northern & Shell as its head of advertising, working across its celebrity magazines, but was made redundant five months later.
Since February, Stephenson has been working in Sky Business as head of publishing.
In her new role, she will report to commercial director Simon Hills and take responsibility for the delivery of all commercial revenue for the publication and help capitalise on the title's success.
Prior to initially joining Sky in 2007, Stephenson worked as advertising director at News Magazines, as well as NatMag and IPC Media.
Launched in January 2007, Sky Sports Magazine reaches 4.5 million homes in the UK and Ireland. The magazine is sent on a monthly basis to all Sky Sports customers. It was previously published by Haymarket, but moved in-house to BSkyB Publications in October.
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