(Reuters) -Upcoming streaming services of ESPN and Fox will be bundled for $39.99 per month starting October 2, the companies said on Monday, offering sports fans a wide range of major events including the NFL and NBA at a discounted rate.

The bundle is the first significant deal involving major sports rights holders after Disney, Fox and Warner Bros Discovery abandoned plans to launch their live sports joint venture, Venu Sports, after it ran into substantial legal opposition.

Media companies are pairing their streaming services to offer bundled deals and boost customer stickiness, as viewers face steep price hikes and an overload of choice.

The new package brings together Fox One, which offers Fox's sports, news, and entertainment content, and ESPN's new direct-to-consumer network, featuring professional and college football and basketball games. Both platforms are launching on August 21.

"We continue to look for opportunities to streamline the user experience, especially for the ultimate sports fan," said Tony Billetter, senior vice president, strategy and business development at Fox Direct to Consumer.

Fox's new subscription-based service is expected to help the company expand its audience beyond the mainstay cable television business.