Virgin Media O2 to Cut 30% of Workforce Costs, Halt Fibre Expansion
Virgin Media O2, jointly owned by Liberty Global and Telefónica, has announced a major restructuring programme to reduce total workforce costs by around 30% over two years, targeting annual savings of approximately £800 million by 2029. About £300 million of these savings are expected to come from job cuts, primarily affecting non-customer-facing roles, with senior leadership positions already being reduced. The company is also halting further investment in upgrading its existing cable network to full fibre, beyond commitments already made to partners. The move comes amid intensifying competition from BT's fibre expansion and smaller 'alt-net' providers, as well as a challenging third quarter with a loss of 23,300 fixed-line customers and a 5.7% revenue decline.
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Virgin Media O2 to Cut 30% of Workforce Costs, Halt Fibre Expansion
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Virgin Media O2, jointly owned by Liberty Global and Telefónica, has announced a major restructuring programme to reduce total workforce costs by around 30% over two years, targeting annual savings of approximately £800 million by 2029. About £300 million of these savings are expected to come from job cuts, primarily affecting non-customer-facing roles, with senior leadership positions already being reduced. The company is also halting further investment in upgrading its existing cable network to full fibre, beyond commitments already made to partners. The move comes amid intensifying competition from BT's fibre expansion and smaller 'alt-net' providers, as well as a challenging third quarter with a loss of 23,300 fixed-line customers and a 5.7% revenue decline.