Sky will have exclusive Formula 1 rights from 2019 until the deal ends in 2024.
This ends the current share set-up between terrestrial broadcasters and the pay TV giant, where Channel Four current show 10 races live with highlight of all other races.
Sky Sports will be the home of Formula 1 in the UK and Ireland from 2019 to 2024, offering live coverage of every Grand Prix.
Coverage of the British Grand Prix will continue to be available on a free-to-air basis, although Sky hasn’t specified where the free-to-air access will be.
Highlights and qualifying sessions will also be shown free-to-air.
These may be on the Sky operated TV channel Pick, available on Freeview channel 11, or picked up by another broadcaster.
Additionally at least two other ‘prime time’ live races a season will be offered on the soon-to-be-launched Sky Sports Mix, the new sports channel available to all Sky satellite subscribers, along with other F1 content.
Also, starting from next year, every F1 race will be shown in Ultra HD via Sky’s new premium service Sky Q.
The current arrangement, which sees coverage shared between Channel 4 and Sky Sports, which lasts until the end of 2018 is unaffected by the announcement.
“I am delighted we will continue to work together,” said Bernie Ecclestone.
“Sky’s commitment to the sport and standard of coverage is second to none.”
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