Disk drive multiplexing read signal and fly height signal to a transmission line

A disk drive is disclosed comprising a disk comprising a plurality of servo tracks defined by servo sectors, and a head actuated over the disk, wherein the head comprises a read element operable to generate a read signal. The disk drive further comprises a fly height sensor operable to generate a fly height signal for the head, and control circuitry comprising a multiplexer operable to multiplex the read signal and the fly height signal to a transmission line. The multiplexer is configured to select the read signal when reading the servo sectors of a servo track, and configured to select the fly height signal when reading a segment of the servo track between consecutive servo sectors.