On Tuesday last week BSkyB secured the rights to show the majority of the games, including 15 out of 16 of the group stage games on Tuesday and Wednesday, for a reported £240m.
This was expected to leave the BBC and ITV to fight it out in an auction on Thursday, but it is understood the BBC did not make a bid for the football games.
Instead, it bid and won the rights to broadcast Formula 1 motor racing from next year, after signing a five-year deal for an undisclosed sum.
The BBC will replace ITV, which has held the rights for 12 years. ITV said that broadcasting F1 did not make commercial sense because of the odd times the races often air.
ITV's Champions League rights win was announced on Thursday night, before the Easter break. Its package covers 18 live games per season, including the group stage games, one leg from each semi-final, and shared coverage of the final and Uefa Super Cup.
Michael Grade, executive chairman of ITV, said: "I'm thrilled that ITV is now the definitive home for all premium free-to-air football in this country."