New York (CNN) Disney and Verizon have reached an agreement to resolve a high-stakes spat over programming fees that threatened to knock ESPN, ABC and other Disney-owned channels off of Fios' TV network.

"Verizon and The Walt Disney Company have reached a broad-based distribution agreement. Details will be released in the coming days," Verizon announced Sunday.

The two companies had until 5 pm ET on December 31, to come to terms before Verizon would stop carrying Disney channels. ABC affiliates would also have been blocked for Fios customers in New York and Philadelphia.

The dispute had remained behind closed doors for months but spilled out to the public this week after Disney began running ads on TV. The commercials said ABC and ESPN could be blacked out in January, preventing some Fios customers from watching the Rose Bowl, some NFL playoff games and other sports programming.

"Our proven history of providing extraordinary value to consumers and distributors is unmatched," an ESPN spokeswoman said in a statement. "Our negotiations continue in earnest and we remain optimistic that we can reach a deal."

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