Verizon looking to launch online TV service

The No. 1 US wireless carrier Verizon Communications Inc has been buying streaming rights from television network owners ahead of a nationwide launch of an online TV service, according to people familiar with the matter.

Verizon plans to sell a package with dozens of channels this year, the sources told Reuters.

The company did not immediately respond to a request for comment.

The telecom giants`s move will be aimed at tackling the trend of "cord-cutting" — where customers move away from traditional cable TV to streaming services such as Netflix Inc and Amazon`s Prime Video.

Verizon`s rival AT&T Inc has an online streaming television service called DirecTV Now, while U.S. satellite TV provider Dish Network Corp in 2015 launched Sling TV, a streaming service.

The news was first reported by Bloomberg.