Coliseum Sports Media CEO Tim Martin says the partnership is about bringing sports to a wider audience.
"The reality is online sports viewing, and paying for the sport you want to watch, is rapidly becoming mainstream around the world," said Martin.
"By pooling resources with Lightbox we want to make sport more accessible and more affordable for all.
"Lightbox delivers great TV online, and sport is a huge part of that. This partnership will give Kiwis more freedom to watch the sports they want, when they want."
Both Lightbox and CSM's existing properties will continue to run as they do now.
Following today's announcement, the board and management team of Lightbox and Lightbox Sport intend on delivering premium packages with competitive price levels, delivering a mix of entertainment, including sport, that consumers will have control over.
"This is the start of an exciting journey for customers," said Niblock.
"From day one we said we were going to add to our insanely good TV line-up and we are making good on that promise by offering customers more choice over the shows, and soon the sport, they watch at compelling value. We look forward to revealing more details on our progress in the future."
The joint venture agreement is signed and comes into effect today, however it remains conditional on a number of legal matters.