However, Shea is to remain at the broadcaster in a consultancy role, managing the satellite broadcaster's relationships with industry associations and trade bodies such as Barb.
Chippendale, who has been with Sky Media since 1990, will report directly to Sky Networks managing director Dawn Airey, who joined at the end of last year from broadcaster Five.
Sky Media sells airtime space across 32 channels, including Discovery and Emap's channels as well as its own.
BSkyB said in a statement that advertising revenue increased 12% to £60m in the three months to September 30, reflecting growth in Sky's viewing share and winning the contracts to sell airtime on behalf of Discovery and Emap.
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