As part of the arrangement, the two broadcasters will share availability of some of their original drama programmes.
Sky has exclusive rights to screen F1 races live in the UK from the start of next season as the shared agreement it has had with terrestrial stations on the BBC and Channel 4 since 2012 ends following the 2018 season.
But Channel 4 will now continue to show F1 highlights as part of a new arrangement that means the first series of Sky show Tin Star will be shown the station later this year, with selected Channel 4 and Walter Presents drama series released on the Sky and NOW TV platforms.
"I'm delighted that we've been able to establish such an exciting and innovative partnership with Sky which will ensure that the British Grand Prix and highlights of the 2019 Formula 1 championship remain available on free-to-air television for UK viewers," said Channel 4 CEO Alex Mahon.
Stephen van Rooyen, Sky UK and ROI CEO, added: "Today's partnership is the start of a new era of collaboration between Sky, Channel 4 and, we hope, other British broadcasters.
"Not only will this innovative partnership benefit viewers, watching via Sky or free-to-air, but it will further strengthen the ecosystem of UK broadcasters and British originated content."