Sky Sports said the whole of the British Grand Prix would be broadcast on a new "free-to-air" channel.
The five-year deal will also see race highlights shown on the free channel.
Both F1 chief executive Bernie Ecclestone and Sky Sports managing director Barney Francis said they were "delighted" with the exclusive deal.
However, some fans of the sport have taken to social media to express their disappointment at the deal.
F1 fan site The PitCrew Online tweeted that it was "sad news", while journalist Dan Paddock wrote the move would not "just slash TV numbers, it`ll drive away potential fans, engineers, journalists too".
The BBC ended its deal with F1 early after BBC Sport was asked to deliver £35m of savings as part of a £150m gap in the corporation`s finances following cuts.
At the time BBC Sport said the decision had been made reluctantly and it realised it would be unpopular with audiences.
More about:
