ITV1's 12-year association with Formula One will end in November, at the end of the current season. ITV's previous deal was due to run until 2010.
The BBC has picked up the TV, radio, broadband and mobile rights to Formula One from 2009.
A new five-year exclusive deal, understood to be worth around £200m, was signed between the BBC and Formula One Administration Ltd.
ITV had struggled to find a new sponsor for its Formula One coverage this year, signing up Sony as the new sponsor ahead of the start of the season this month.
It is understood that ITV had sought to secure a sponsor worth around £5m per year, double Honda's £2.5m deal for 2007. ITV would not comment on the value of the deal, negotiated by OMD UK.
Fiona Ramsay, Media Week, 20 March 2008, 2:35pm
BBC lands Formula One rights
LONDON - ITV said its decision to end its coverage of Formula One one year early, leaving the BBC to pick up the rights, was a "straightforward commercial decision".
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