Both the events had been airing on NBC for the past 11 years, before the network cut ties with previous owner Donald Trump this past summer, said The Hollywood Reporter.
WME-IMG acquired the Miss Universe organisation from Trump in September.
"Miss Universe is a unique, global media property and this partnership with Fox marks a new era for the organisation as a whole.
"As the broadcast leader in innovative and groundbreaking live events, Fox is the perfect partner as we look to implement new and exciting changes to this show and the franchise," said Michael Antinoro, IMG's senior vp original content.
The Miss Universe pageant will now air live on Fox on December 20 from the Planet Hollywood Resort & Casino in Las Vegas, with the Miss USA pageant slated for sometime next year.