Under the three-year deal, starting with the 2009-2010 season, Sky will show more live Champions League football than it has in any other season to date, with live coverage of the qualifying stages for the first time.
Sky has got the rights to live coverage of 15 of the 16 group stage games played on Tuesdays and Wednesdays, with exclusive rights to Tuesday nights.
The rights to the first choice of the eight Wednesday night games are still up for grabs in a tender to be decided later this week.
This is likely to net Uefa even more money, with terrestrial broadcasters BBC and ITV competing against each other for the package. The BBC is reported to be prepared to spend big to win the package.
Sky bosses are happy with the outcome, which offsets the recent loss of the FA Cup rights it currently shares with the BBC, to Setanta and ITV.
Jeremy Darroch, chief executive of Sky, said: "We have secured an excellent rights package at a price which we believe reflects their value to our customers and which recognises the attractiveness of this competition to this business."
The deal also gives Sky exclusive live coverage of one leg from each semi-final and shared live coverage of the final, which will be moved to a Saturday rather than a Wednesday night, and the Uefa Super Cup fixture.
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