365 Media, previously known as UKbetting, owns sports and gambling sites including Football365, Cricket365, Sportinglife and Planet Rugby.
The broadcaster believes the acquisition will complement its existing portfolio of Sky Sports' websites. In August this year Sky bought online sales house Aura which represents most of the websites for Premiership and Football League websites.
As well as increasing reach into the predominantly male audience, Sky has claimed it now has a broader platform for its gaming and betting activities, called SkyBet.
Sky's chief financial officer Jeremy Darroch said: "Bringing together 365 Media's extensive network of sports and gaming websites with our own Sky Sports and SkyBet businesses will allow us to reach a broader audience. This will give greater presence in online advertising and will position us to take full advantage of growing opportunities in gaming."
This article was first published on Media Week