Financial terms of the agreements weren't announced but the agreements covers the 2014-21 seasons.
"I have often said in recent years that we are living in the golden age of baseball and that the game has never been more popular," baseball Commissioner Bud Selig said in a statement Tuesday. "But to see the unprecedented and historic commitment these networks have made to televising Major League Baseball for years to come is truly amazing."
MLB said Fox will continue to air the World Series, the All-Star Game and one of the league championship series each year. Fox is also to add two Division Series in 2014 and increase the number of regular-season games shown on Saturdays.
TBS will keep its one league championship series, two division series and one wild-card game. It will also broadcast games on Sunday during the final 13 weeks of the regular season.