Sky has called on the internet industry to consider forming a co-regulatory body to provide independent oversight of platforms' content policies.
This, it said, should be supported by those platforms with "significant numbers" of UK users.
In a report compiled with Communications Chambers, Sky said this is necessary because online content intermediaries offer "a world of effectively infinite information".
As a result, they play a "vital role in selecting, organising, ranking, recommending and suppressing content and content providers".
"Further intervention is needed to address platforms’ role in governing online content, given its importance to the public interest in a host of areas," Sky said.
"However, society’s expectations for this broader role have not yet been codified, either with respect to desired outcomes or good governance procedures.
Sky said this represents "the single biggest gap" in internet regulation, although it stressed this could be closed fairly easily.
As well as creating a new industry-backed regulator, Sky has urged ministers to include an accountability framework for online content intermediaries in the planned White Paper on online harms and safety.
This, it said, should make provision for a Code of Practice, an oversight body and incentives and sanctions.
Furthermore, Sky has suggested that the government develop options for a statutory oversight body, as a contingency if the industry option does not make adequate progress within a reasonable time period.