It was always going to go that way. The BBC had to make cost cuts so sacrificed 100% rights allowing Sky to start coverage. The BBC then had to make further cost cuts to sacrificed all F1 coverage on BBC TV - Channel 4 picked this up at what I assume to be a discounted rate for the remainder of the deal (I guess because ITV weren't interested) and not renegotiating a deal to go on further than 2018 shows Channel 4's attitude towards it in the long run.

Sky's coverage of F1 is fantastic. It's also not just a part of the regular Sky Sports pack - it's also part of the standard Sky subscription - so you can watch with a basic Sky subscription, and for £10 a month for HD, you get Sky Sports F1 HD.

The terrestrial broadcasters have always had time restraints amongst other things so when Sky came along, dedicated a complete channel to F1 and have live broadcasts from the start to well after the teams start to pack up is very good indeed.

Sky have said that they will create a FTA F1 channel showing highlights after the races, and broadcast the complete British grand prix weekend. Sure, no more terrestrial coverage, but quite a good alternative.