The BBC and Sky Sports will both be covering Formula One in the UK from 2012 to 2018, however, only the latter will show all the broadcasts.
Earlier this year it emerged that Rupert Murdoch's News Corporation was interested in purchasing Formula One from its current owners. However, CVC made it clear that the sport is not for a sale.
Sky, though, were intent on getting in on the F1 action and with rumours that the BBC were considering axing F1 from their programmes, it has paved the way for a new deal
The deal, which is aimed at increasing choice, innovation and breadth of coverage to UK fans, will see both the BBC and Sky cover the sport from 2012 to 2018.
The broadcasting partnership will include:
* All races, qualifying and practice sessions live on Sky Sports across TV, Online and Mobile and Tablet devices
* Half the races and qualifying sessions remain live on BBC TV, Online and Mobile including key races such at the British Grand Prix, Monaco Grand Prix and the final race of the season.
* Extensive BBC highlights on TV, Online and Mobile, of all races and qualifying sessions that BBC is not covering live.
* Build-up coverage of each Grand Prix on BBC News, Sky Sports News and Sky News.
* Extensive multi-platform coverage including red button, bbc.co.uk/sport and skysports.com.
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. As well as unrivalled build up to each race on Sky Sports News, we will broadcast in-depth live coverage of every session.
"Sky customers with Sky Sports will also be able to enjoy F1 across multiple platforms and devices, including Sky Go."