ITV haven't lost the coverage, they made a commercial decision to terminate the contract.
http://www.autosport.com/news/report.php/id/65913
Apparently they have an option to terminate the contract at the end of this year despite being 3 years into a 5 year deal. The BBC were approached by Bernie rather than it going to tender.
Interesting - cheers. ITV are losing vast quantities of money atm so I guess they just aren't making enough profit on F1. I just hope the money saved doesn't go towards more football for ITV Sport - their football coverage is abysmal.