Starting in August, Coca-Cola will sponsor the weekend roundup of Premier League football and a weekday football programme. The three-year deal includes advertising during breaks, online activity and an offline marketing campaign.
ITV won the broadcasting rights from the BBC last year, after bidding £183m for two programmes a week. BSkyB paid £1.65bn for the main rights for the 40 best games.
ITV is counting on Premier League football to turn around its fortunes, following a fall in advertising revenue over the last six months and disappointing viewing figures for its expensive flop of a reality gameshow Survivor.
Mick Desmond, chief executive of Granada Enterprises, said the contract with Coca-Cola showed that big multinationals are prepared to see through the current advertising downturn, and had faith in ITV's ability to attract a valuable audience.
The weekend highlights will be presented by Des Lynam, Terry Venables and Ally McCoist. Desmond is hoping the show will attract new, younger viewers to the sport.
Desmond is currently negotiating sponsorship for ITV's coverage of Formula 1 next year.