Channel Nine, featuring veteran cricket commentator Richie Benaud, will continue to show Australian home Test and one-day matches as it has done for more than 30 years.
The network had been in danger of losing the sport after Channel Ten reportedly offered Cricket Australia Aus$500 million for coverage rights for the next five years.
The bid was well above the USD 45 million Nine has paid annually over the last seven years for international matches on Australian soil.
Under the new deals, rival Ten will broadcast Australia's Twenty20 competition, the Big Bash League.
"The Twenty20 Big Bash League is a great competition and Ten and Cricket Australia will make it a major free-to-air television event," Ten chief executive Hamish McLennan said.