ITV is set to take over the United Kingdom's free-to-air coverage of F1 from the BBC in 2016, according to television industry website Broadcast.
The BBC's current deal runs until the end of 2018 and gives them half the races live, with the others provided as highlights -- Sky Sports shows full live coverage of every round. The BBC is looking to cut costs, recently dropping its coverage of golf's The Open Championship, and is now looking to walk away from F1 three years before its contract expires.
The BBC returned to the sport in 2009 after a 12-year absence when ITV dropped the championship from its portfolio. It was the UK's exclusive F1 broadcaster until 2012, when it agreed a deal to share its coverage with Sky Sports. However, with the 2016 Rio Olympics on the horizon the BBC has decided it can no longer afford to cover the sport.
According to Broadcast, ITV is ready to step in to provide "a selection of races live, while others will be covered via highlights". It also notes Sky Sports' current coverage is unlikely to be impacted by the change.