In what appears to be a direct challenge to Apple’s iTunes, Amazon.com and others, YouTube is ready to expand its on-demand rental service after reaching an agreement to offer movies from Sony Pictures Entertainment and Universal Pictures, reports the Los Angeles Times’ Company Town blog.

YouTube, which is owned by Google, will offer the movies on the same day they are available on other on-demand services, the story says. Warner Bros. has also agreed to take part in the service, according to TheWrap.com.

Under the plan, YouTube users will be able to stream the movies for a limited period, but won’t be able to buy or download them permanently, the story says. The expanded service may roll out as soon as this week or next week.