Five Live have just announced that the BBC have won the TV rights for Formula 1. I don't entirely understand, because
this article seems to indicate ITV have rights until 2010. But it's magnificent news for UK viewers, because we'll finally be rid of those bloody advertising breaks! Part of Steve Ryders decision to move to ITV was to present F1, he won't be happy, though I guess they'll give him the Premiership highlights coverage
EDIT apparently, Bernie Ecclestone approached the BBC with this deal. ITV weren't given the option, and indeed their contract has been broken, presumably Ecclestone utilising some clause in the contract. Might not be the last we hear of this, but definately confirmed now