The cash strapped channel said the Sky pledge would match fund other donations made by its supporters.
“The Community Channel initially launched on Sky and we have enjoyed and benefited from the partnership for more than 15 years. I hope this pledge will encourage other broadcasters to help,” said John Ryley, head of Sky News.
Earlier this month Community Channel launched a crowd-funded community shares scheme to raise new funds and allow supporters to own the channel. The deadline for the crowdfunding campaign has been extended from the end of June to the 17th of July.
Launched in 2000 by the Media Trust, the channel gives charities and community organisations the ability to tell their stories. It is available free on Sky, Virgin and Freeview in 26 million UK households.
Media Trust Chief Executive Caroline Diehl said “Sky has been a fantastic supporter from our earliest days and I am so grateful that it has dug deep once again to help us in this our hour of real need. I hope it will inspire other donors and investors whilst there is still time to save the channel.”
Over ten million people watched the Community Channel in 2015 with one million saying it had motivated them to volunteer.