I can't speak to Fushigi Yugi, but Geneon Japan recently announced that they were releasing the three Tenchi movies on Blu-Ray in Japan. Not only that, but their release of the movies would include both the English dub and English sub. Considering that for Blu-Ray, Japan and the U.S. are in the same region, I think it is pretty clear that FUNimation will NOT be licenses the Tenchi movies.
Why?
Well, FUNimation's licenses today are for all forms of distribution from what I understand, including Blu-Ray. If Geneon Japan is releasing the movies on Blu-Ray w/ English dubs and subs, then that suggests they are hoping any U.S. fans wanting a Blu-Ray release of the movies will pay the outrageous Japanese prices and just import it. It also could suggest that Geneon Japan may be considering selling in the U.S. directly, though they'd have a problem seeing as how they bend over otaku fans in Japan with high prices that U.S. fans won't stand for.
I suppose if the price were right, FUNimation might agree to a distribution-only DVD release of the Tenchi titles, but when it comes to the canon OVA series (which Geneon named "Tenchi Muyo" for the U.S. release and corabined OVA 1, Night Before Carnival, and OVA 2 into a single entity), that would do this fan no good. If FUNimation isn't allowed to redo the subtitles from scratch and get the suckers right for once, then there's no reason for me to buy it. It would be a buy for those who continue to come into Tenchi fandom through GXP or OVA 3 from FUNimation though.