The final count gives BSkyB four of the six available packages. Setanta, partly owned by private equity firm Benchmark Capital, paid £392m for the two packages and Sky paid £1.314bn in all for its four packages giving the Premier League a combined £1.706bn.
Under a deal struck by the league with the European Commission, Sky had been limited to a maximum of five packages and were awarded the first three a week ago.
From 2007 to 2010, BSkyB will show 92 of the live matches and Setanta 46 live games.
It means for the first time that Sky will face competition from a rival broadcaster, but with all the packages going to pay-per-view firms there will be no competition from terrestrial TV.
Richard Scudamore, chief executive of the Premier League, said: "Setanta is going to be an alternative choice for subscribers."
Trevor East, Setanta Sport's director of sport, said, "This is an important day in the development of Setanta Sports and another milestone for us. Following on from last week's announcement of greater coverage of the Scottish Premier League, we are delighted to be able to add the FA Premier League to our channel offering.
"We are committed to providing a first-class sports service to our customers and the Premier League is a jewel in any broadcaster's crown. It will ensure that Setanta Sports is a must-have sports channel for all football fans."
However, Sky still has the upper hand. It has won what have been dubbed the 'A' package of matches, which will be played late on Sunday afternoons.
In addition, it has the rights for early afternoon Saturday and Sunday matches as well.
Vic Wakeling, managing director, Sky Sports, said: "This is good news for fans, football and Sky. Sky is the home of football. We will offer first picks, the best matches and biggest head-to-heads. There will be more live Premiership matches on Sky Sports than ever: 92 games a season, up from 88 games today."
The 46 games that Setanta has won are mostly Saturday evenings and Monday night games.
ITV and Channel 4, which were both mentioned as bidders, have picked up nothing, as has cable giant NTL, which had been tipped to get a package to help it take on Sky.
Yesterday was the deadline for broadcasters to put their bids. The favourite had been Sky, which last Friday was revealed to have won three of the six packages on offer.
Sky was desperate to hang on to its dominance of the game, which is a crucial part of its growth strategy.
The packages each comprise 23 games a season for three years starting from the 2007/2008 season. Sky's current £1.02bn four-year deal with the Premier League expires at the end of the 2006/2007 season.
Setanta was founded in 1990 by joint chief executives Michael O'Rourke and Leonard Ryan.
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