The 86-year-old Briton shared the news with German magazine Auto Motor und Sport on Monday, reports Efe.
"I was deposed today. I am simply gone. It's official. I am no longer the leader of the company. My position has been taken by Chase Carey," Ecclestone said, referring to the 21st Century Fox vice-chairman who became chairman of F1 in September.
Auto racing's international regulatory body, the FIA, gave its approval last week to Liberty Media's acquisition of commercial rights to F1 for $4.4 billion.
Ecclestone, who has dominated Formula 1 for four decades, told the German publication that he will remain involved with the sport, though the nature of his continuing involvement was not immediately clear, even to him.
"My new position is one of those American terms. It's something like an honorary president. I have this title now, even though I don't know what it means," he said.
Reflecting on his contribution to the sport, he said: "I'm proud of the business that I built over the past 40 years and all that I have achieved with Formula 1.
"I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with."
"I'm very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport," he added.