The deal – said to be up to £220million over four years from 2006 – means there will no longer be live Test coverage on terrestrial TV.
However, Channel Five have been awarded the rights to show international highlights in a 45-minute evening show.
Test Match Special will continue its live coverage on Radio 4 and TalkSPORT will air county Twenty20 Cup action.
David Morgan, chairman of the ECB, said cricket, as it is today, could not have carried on in business without the deal.
The outcome has left Channel 4 with no cricket, despite its award-winning coverage over the past five seasons.
