Formula One is returning to the BBC in 2009 after a 12-year absence.
The new five-year deal calls for F1 races to be broadcast live on BBC TV, radio and the BBC Sport Web site. Terms were not announced.
ITV, which was in the third year of a five-year deal, released a statement saying it had "decided to exit F1 at the end of this season" in what it described as a "straightforward commercial decision."
Reports in the British media suggested F1 rights holder Bernie Ecclestone was disenchanted with the predominance of football on ITV.
