The BBC and Sky Sports have both been awarded the exclusive rights to show Formula 1 from 2012 through to 2018.
The new deal will however see the free-to-air broadcaster, the BBC, airing only half the races, qualifying and practice sessions live.
Subscription service Sky Sports has been given the full rights to show every single race, qualifying session and practice session live.
The BBC will have delayed highlights for the ten races it doesn’t air live and will carry commentary on Radio 5Live for all the sessions as they do at present.
Barbara Slater, director of BBC Sport, said: “We are absolutely delighted that F1 will remain on the BBC.
“The sport has never been more popular with TV audiences at a 10-year high and the BBC has always stated its commitment to the big national sporting moments.
“With this new deal not only have we delivered significant savings but we have also ensured that through our live and extended highlights coverage all the action continues to be available to licence-fee payers.”
The BBC deal will ensure that the British, Monaco and season ending races are shown live, however the remaining seven races to be included in the deal are yet to have been finalised.
Barney Francis, managing director of Sky Sports, said: “This is fantastic news for F1 fans and Sky Sports will be the only place to follow every race live and in HD.
“We will give F1 the full Sky Sports treatment with a commitment to each race never seen before on UK television.”
