The BBC and Sky Sports have reached an agreement that will see both parties working together between 2012 and 2018. BBC Sport will only broadcast half of the races from next year onward. They will also show the practice sessions and qualifying of those races. In a statement the BBC said that at least the British GP, the race in Monaco and the last race of the season will be shown live.

Sky Sports will pick up the entire season including qualifying and practice. Races not shown live on the BBC will have highlights later that day. BBC Radio 5 will continue their coverage at all races.

"We are absolutely delighted that F1 will remain on the BBC," said Barbara Slater, director of BBC Sport in a statement. "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."

Barney Francis, managing director of Sky Sports was happy with the deal and added that they will bring a greater commitment to the races: "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."

The BBC had a deal that expired after the 2013 season and was set to loose Formula 1 after budget cuts.