The presenters were removed from duty for Monday night's televised match between Bolton and Chelsea for their comments on Massey and West Ham vice-chairman Karren Brady. Sky Sports managing director Barney Francis issued a strongly-worded statement reprimanding them for the conversation that took place prior to the Liverpool versus Blackpool match.
Keys and Gray have received universal condemnation with England defender Rio Ferdinand among their critics, branding their views "prehistoric". And Francis said: "I have spoken directly to both Richard Keys and Andy Gray. It has been made clear to each of them that their comments were totally unacceptable."
He added: "Those views are inexcusable, entirely inconsistent with our ethos as a business and employer, and will rightly offend many of our customers, our people, and the wider public. They are inexcusable from anyone at Sky, regardless of their role or seniority.
"We have dealt with this matter by taking immediate disciplinary action.
"As with any employee it would not be right to go into detail on those proceedings. However, they have been clearly warned about their behaviour and reminded of their responsibilities.
"In addition, Richard and Andy will not be involved in any way with this week's live Monday Night Football."
Keys and Gray discussed Massey's appointment for the game at Molineux on Saturday, speaking when they believed their microphones were switched off.
They agreed that female officials "don't know the offside rule", with Keys adding: "I can guarantee you there'll be a big one today. (Liverpool manager) Kenny (Dalglish) will go potty."
Dalglish opened Liverpool press conference on Monday with a quip, asking Sky Sports' representative if he objected to the presence of a female journalist.