The move means that the launch of Kangaroo will be unlikely to take place this year as originally intended. The Competition Commission has until 12 December to consider the case and to collect evidence on key issues.
In a joint statement, BBC Worldwide, ITV and Channel 4 said they were "frustrated" over the launch delay.
The statement went on: "The parties are confident that, when properly subject to more detailed scrutiny by the Competition Commission, the Commission will conclude that the joint venture will provide wider choice for consumers, and be seen as a pro-competitive force in the marketplace."
ITV executive chairman Michael Grade struck out against the decision, claiming it was a sign of a "serious problem with a regulatory framework that seems unable to take the most important interest into account - that of British viewers".
The OFT said "concerns arise because the concentration of these important and competing libraries of UK TV programming may give market power to the joint venture, enabling it to charge higher prices in syndicating content to wholesale customers".
The OFT said the BBC, Channel 4 and ITV could not offer sufficient remedies to resolve its concerns and stop the venture being referred to the CC.
The OFT is concerned that the combination of the three partners' wholesale activities, such as the syndication of content rights to third parties, would dominate the VoD market.
Rivals to the Kangaroo service include BT Vision, Joost, Sky, Tiscali and Virgin.
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