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Sky Sports has snatched the rights to show every Formula One race live from next season in another devastating setback for the BBC. With the new share-deal, it is the first time that F1 will not be solely shown on terrestrial TV. From 2012, Sky will double up on the races shown by the BBC, including qualifying and practice, and will screen the others exclusively live. It is understood that they are not planning to screen adverts during their race coverage. The BBC has been the exclusive broadcaster of motor racing's elite sport in the UK since 2009 but will now scale back their coverage. The BBC will only show half the races plus the qualifying and practice sessions, including the British Grand Prix. The terrestrial broadcaster will cover the others via a highlights programme, while Radio 5Live's coverage remains unchanged. The BBC's contract with Formula One Management was due to expire after the 2013 season and have long been considering their plans for the sport for financial reasons. The announcement came as BSkyB revealed a 23 per cent increase in profits to £1.1billion. Its subscriber base has increased by 40,000. F1 supremo Bernie Ecclestone told the BBC: 'It's super for F1. It will mean a lot more coverage for the sport. We get the best of both worlds.' The BBC's F1 frontman Jake Humphrey was philosophical about the announcement. He tweeted: 'Touching messages of support on Twitter. Keeping some perspective tho, F1 remains on the BBC, and after news of 1 week ago, it's only sport.' Martin Brundle, BBC's lead F1 commentator tweeted: 'Found out last night, no idea how it will work yet I'm out of contract, will calmly work through options Not impressed.' Read more: Sky Sports wins rights to show F1 with BBC | Mail Online Ecclestone you money grabbing bastard! This will ruin F1 for a lot of people. Sky have been talking this up, saying it will be great for F1 fans as they'll give it the 'sky treatment' I'd only just drifted back to F1 after getting fed up with it, this is only more likely to make me wander away again.