The seven-year deal will see both broadcasters provide coverage across their digital properties including online, mobile and tablet services.
The BBC will broadcast half the races and qualifying sessions, along with other key races such as the British Grand Prix, Monaco Grand Prix and the final race of the season, while Sky Sports will broadcast all the races, qualifying and practice sessions.
Previously, then rights were wholly owned by the BBC.
The deal marks Sky’s first major new sports rights deal since it combined its web and mobile TV services under the Sky Go banner, replacing its existing Sky Player and Sky Mobile TV services.
Earlier this month the satellite broadcaster kicked off its first cross-platform campaign to promote Sky Go.
The news comes as Sky reported a further 174,000 broadband customer sign-ups, taking the total to 710,000 over the last year.
This story first appeared on New Media Age. For more digital stories and analysis from NMA click here now