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Virgin Media O2 to axe thousands of jobs in sweeping shake-up: Report
The company is weighing a broader restructuring as it seeks to cut debt and spending, with up to 4,000 roles potentially affected, sources said.
- Virgin Media announced plans to cut thousands of jobs as part of a radical restructuring. The company, jointly owned by Liberty Global and Telefonica, faces intense pressure to reduce costs across its 16,000-strong workforce.
- Mounting concerns over the £22 billion debt pile prompted the strategic transformation. Shareholders sought to reduce costs by about £600 million, leading to planned redundancies and a review of supplier contracts.
- Trade union officials at the CWU and Prospect have received briefings regarding the impending transformation. Most affected staff will occupy non-customer-facing roles, with senior leadership changes already underway.
- Management will confirm specific cost-reduction targets when Virgin Media presents quarterly results next Tuesday. A source told Sky that "the final numbers on cost reduction are still moving around."
- Planned job losses join significant layoffs across the telecommunications sector as operators seek efficiency amid rising cost pressures. Up to 4,000 of the 16,000-strong workforce could be affected, representing 25 per cent of staff.
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Virgin Media O2 axing thousands of jobs in £600million cost-cutting drive
Telecoms heavyweight Virgin Media O2 (VMO2) is set to cut thousands of jobs as part of a £600million drive to slash costs. The company, owned by Liberty Global and Telefonica, is planning to make a wave a redundancies among its 16,000-strong workforce in the coming months as it grapples with investor concerns about its ability to service debts.The exact number of jobs set to be axed has yet to be decided ahead of its third-quarter results next w…
·London, United Kingdom
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Total News Sources11
Leaning Left1Leaning Right5Center3Last UpdatedBias Distribution56% Right
Bias Distribution
- 56% of the sources lean Right
56% Right
11%
C 33%
R 56%
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