SuperSport didn't reveal the sticker price of the broadcast rights acquisition but calls access to the PSL "a cornerstone of the SuperSport broadcast business".
The new half-decade deal means that PSL games will continue to be shown on MultiChoice's DStv until at least 2024.
The cash-strapped South African public broadcaster was unsuccessful in securing any rights, as were the telecoms operator Vodacom.
The SABC sub-licensed on a part-time broadcast basis the rights from SuperSport to show some of the games.
The SABC indicated last month that it would put in a bid and asked the PSL for an extension of the deadline date to put a bid together; a request that was granted.
SuperSport clinched the pay-TV broadcasting rights for the Premier Soccer League in Sub-Saharan Africa for the 2019 to 2024 season.
MultiChoice's SuperSport held the rights for the past decade after the SABC failed to put in a bid 10 years ago when its existing deal expired and the public broadcaster lost the rights.
"We are delighted to have been successful with our bid," says Gideon Khobane, SuperSport CEO.
"This decision allows us to further entrench an outstanding soccer product in the hearts and minds of supporters across the continent.
"Having recently celebrated our 10-year partnership with the PSL, this is a tremendous opportunity to further help grow and nourish the sport.This agreement will do much for South African football, for footballers and indeed their families," says Gideon Khobane.
SuperSport says PSL matches are "a cornerstone of the SuperSport broadcast business" chiefly because "the league is vibrant, competitive and hugely popular. Capturing its essence week in and week out has been a challenge SuperSport has faithfully grasped".
"We will continue to walk this amazing path with the PSL. SuperSport looks forward to an enduring partnership with the PSL," says Gideon Khobane.
PSL chairperson Irvin Khoza says it is "delighted to continue its special relationship which has existed over a 10-year period and has seen the Absa Premiership grow into a world class product".
"Under the terms of the arrangement Absa Premiership matches will continue to be covered on a free-to-air basis, acknowledging the requirements of its fans throughout South Africa".