All EFL clubs will be able to stream midweek league games via their websites if Sky are not broadcasting it live.
The contract will run from 2019-2024, with the value of the rights increasing by 36% from the present agreement.
Sky will also continue to broadcast the Carabao Cup, Checkatrade Trophy and play-offs until May 2024.
Matches played between 14:45 BST and 17:15 BST will continue to be blocked from live streaming.
From next season, Sky will be able to offer an interactive service for all midweek Championship fixtures.
"These negotiations came at what was an incredibly challenging period in the sale and acquisition of sports rights in the UK," said EFL chief executive Shaun Harvey.
"Having fully tested the market, we believe that not only has a significant increase in value for our clubs been achieved, but also the very best deal, with the best partner has been delivered."
The existing EFL television deal runs out at the end of the 2018-19 campaign and is worth £88.3m per season - a figure that will rise to £120m under the new terms.
A maximum of 150 EFL games will be shown per season, including 16 midweek Championship matches and a minimum of 20 League One and League Two games.
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