Verizon Communications Inc. is gearing up to launch a live online TV service, Bloomberg News reported March 30, citing people familiar with the matter.

The company has reportedly been buying streaming rights from TV network owners and plans to sell a package with dozens of channels this summer.

Upon launch, the service will compete with similar services from DISH Network Corp. and AT&T Inc., as well as new offerings from Hulu LLC and Alphabet Inc. unit Google Inc.'s YouTube Inc.