Global Television, which provides sets for Neighbours, and London-based sports producer Sunset+Vine will film the action for broadcasters worldwide.
The contract is expected to create up to 1000 jobs for Scotland's creative sector.
The joint venture will also collaborate with universities and colleges to train 120 Scotland-based students in live broadcast, creative and technology skills.
The footage will be distributed to more than a billion people by broadcasters across the world, including the BBC in the UK.
Glasgow 2014 will be Global Television's third consecutive Commonwealth Games.
First Minister Alex Salmond said: "It will not only mean an enormous contribution towards the successful delivery of the Games, but will give a huge boost to Scotland's creative industries.
"During the Games up to 1000 broadcast-related job opportunities will be available, leading to huge demand for the talented broadcasters and technicians we have here in Scotland.
"The positive legacy that Sunset+Vine and Global Television will leave behind is also pivotal. At least 120 graduates from Scotland will work with them during the Games, creating a talent pool that I know will be highly sought-after when Scotland hosts other sporting events in years to come, not least of which will be the 2014 Ryder Cup."
Glasgow 2014 chairman Lord Smith said: "This is not just our largest contract but it is also the contract that takes the Games to the world."
SVGTV, who will open an office in Glasgow, will be responsible for the delivery of high-definition multi-camera sports coverage as well as full coverage of the opening and closing ceremonies.
The design, installation and operation of the International Broadcast Centre, to be based outside Glasgow's SECC, will also be managed by SVGTV.
The company will recruit a team of more than 1000 production and technical experts to deliver the television and radio coverage of the Games for audiences around the world.
Meanwhile, details of a new Commonwealth Games legacy project were unveiled yesterday, with the appointment of a sports co-ordinator in north Glasgow to drive increased participation in sport and improve health and wellbeing. The project will see North Glasgow Housing Association's tenants signposted towards sports activities nearby.
Archie Graham, the city council's head of 2014, said: "Projects such as this will make a real difference to communities.
"We want to see the Games benefit people in every part of the city and partnerships with organisations such as North Glasgow Housing Association will enable us to do just that."