The BBC has secured the television rights to show Formula One in the UK from the 2009 season.The five-year deal for an undisclosed fee marks F1's return to BBC screens 12 years after it switched to ITV.
The contract covers all platforms and will see F1 broadcast on the BBC Sport website, as well as on TV and radio.
F1 supremo Bernie Ecclestone said he was "delighted", adding: "The BBC has some innovative ideas to consolidate and expand our UK fan base."
Among the new developments will be live video coverage of F1 on the BBC Sport website.
Asked why he had decided to split with ITV, Ecclestone said: "It's not that we are unhappy with ITV but I think maybe they will have their hands full with other things and maybe the BBC can service us a bit better.
We're all thrilled and excited to be welcoming back Formula One to our airwaves from next season - it's one of the world's biggest sport events
Roger MoseyBBC director of sport "I think they will be able to service us an awful lot better, a little bit more time.
"I think it will be good, a fresh face. I'm not complaining about ITV, I'm not saying they did a bad job or anything like that.
"But with all the other things they are loaded up with - and who knows they will get some more stuff - maybe it will be a bit more difficult to spend as much time on us.
"I think the BBC will do that."
Dominic Coles, BBC Sport director of sport rights, said: "The biggest motorsporting event in the world is returning home after 12 years.
"We were delighted when Bernie Ecclestone approached us about the return of F1 to the BBC.
"F1 is a crown jewel of sports broadcasting, so to bring the rights back to their traditional home from 2009 is tremendously exciting.
"Fans will be able to enjoy uninterrupted, state of the art and innovative coverage from BBC Sport, across all of our TV, radio and new media platforms, for the first time since 1996."
An ITV statement on Thursday said: "ITV plc today confirmed that it has decided to exit Formula One at the end of this season.
"This was a straightforward commercial decision for ITV and we are pleased that F1 will continue to be broadcast free-to-air.
"ITV will continue to broadcast live coverage of every race this season as Lewis Hamilton attempts to win his first world championship."
