The two networks are launching the direct-to-consumer services as a bundle offering a variety of streaming options, and here's how it works.

The move comes as media companies look to nab more consumers for their streaming alternatives, and draw them in with sports, in particular.

FOX One, set to launch Aug. 21, will offer both live streaming and on-demand content to subscribers. This will include content from across FOX’s brands including FOX News Channel, FOX Business Network, FOX Weather, FOX Sports, FOX Deportes, FOX Local Stations, and more.