The move follows a statutory review process, which also involved Dare, JWT London, The Red Brick Road and Fallon, which was a previous incumbent alongside RKCR/Y&R.
RKCR/Y&R and Karmarama will begin working on the account in April, and will now be responsible for handling all of the BBC’s advertising activity.
The BBC kicked off the review in January 2010 after appointing the AAR to "sound out the marketplace" ahead of the release of a formal tender.
A shortlist of agencies was then named in November, and pitches took place at the beginning of last month.
The BBC is required to review its advertising account every four years. The last review took place in 2006, when the business was split between RKCR/Y&R and Fallon.
During its time working on the account, RKCR/Y&R launched a series of TV spots promoting the broadcaster’s Olympic coverage. The ads, which were co-produced by Blur’s Damon Albarn, won a BAFTA for best title sequence.
Meanwhile, the BBC has appointed Interbrand and Devilfish to its brand identity roster. Interbrand will also handle brand strategy work for the corporation.
Helen Normoyle, the director of marketing and audiences at the BBC, said: "I'm thrilled to have a portfolio of such high quality agencies who can deliver creative and strategic work, while ensuring we continue to deliver value for money to licence payers."