Both Sky Sports and the BBC will broadcast Formula 1 in the UK from next season until 2018 under a new rights deal.
The BBC are currently the sole provider of F1 coverage but their contract with Formula 1 Management was due to expire after the 2013 season.
They have now secured a shared partnership with Sky Sports until 2018 but will only show half of the races, whereas Sky Sports will cover every race, qualification and practice session.
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."
Both broadcasters will offer extensive high definition coverage of the increasingly popular motorsport.
Director of BBC Sport, Barbara Slater, said: "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."