The pay-TV giant did not disclose financial terms of the acquisition, which was completed yesterday (July 26).
However, it did say that Parhenon, an independent international distribution and media rights company, had gross assets of £18.2 million as of June 30, 2011, according to its most recent audited group financial statements.
The deal is part of Sky's commitment to investing in and monetising originally-produced content, with a focus on homegrown commissions.
Sky will invest £450 million this year in UK-produced commissions, but that will increase to £600m a year by 2014, with most growth set to come in drama, comedy, arts, entertainment and factual.
Acquiring Parthenon gives Sky a vehicle to recoup some of its investment via international rights deals, similarly to the way BBC Worldwide sells content from the BBC to overseas broadcasters and content providers.
Sky said that the new in-house model will "help generate additional revenues from Sky's content investment from the sale of overseas rights, which will enable Sky to reinvest even more in the UK's creative economy, for the benefit of customers and content makers alike".
The current Parthenon team, including founder and chief executive Carl Hall, will continue to lead the operation within Sky, reporting to Sophie Turner Laing, Sky's managing director of entertainment, news and broadcast operations.
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"As we continue to increase investment in UK production, this is a natural step in the evolution of Sky's content business," said Turner Laing.
"We are producing world-class television - innovative, creatively ambitious and, in many cases, on an epic scale. It's only right that we match this with world-class aspirations for how we take this content to as wide an international audience as possible.
"We are delighted to be moving into distribution with Carl and the team at Parthenon. I'm confident that together we will be able to create a model that delivers great opportunities for our independent production partners as well as Sky. This is a tremendously exciting time, both for us and those who are making great TV with us."
Carl Hall added: "This is a great day for everyone associated with Parthenon. Over the past ten years, our success has been built upon our unique, boutique-style approach to all our content providers.
"I am honoured to be leading the new distribution division within Sky. This will also open new and exciting opportunities for international producers looking to benefit from the support of one of the UK's largest investors in original content and a global leader in the provision of world-class television."
Yesterday, it was announced that Sky has also invested an undisclosed sum in video streaming device maker Roku, alongside its major shareholder News Corporation.
Sky can certainly afford to make these investments, after the company bucked the economic gloom to report £1.2 billion in full-year operating profits - a record level for the broadcaster.