The figure represents a 70% increase on Sky and BT's current £3bn deal.
It is unclear whether the increase will affect ticket prices, although Sky pundits and former England internationals Jamie Carragher and Gary Neville said prices should be cut.
The Premier League said £56m a year has been earmarked for grassroots projects, including 50 artificial pitches.
Under the new contract, 168 games will be shown live, at an average cost to the broadcasters of £10.2m per match.
Sky paid £4.176bn to show 126 matches per season, including the first ever Friday evening games and both Sunday packages.
BT paid £960m for 42 games per season - four more than its present deal.
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