Business / NEWS UPDATE
Virgin Media O2 set to cut thousands of jobs to reduce costs
Published · 1 min read
Virgin Media O2 plans to cut thousands of jobs as part of cost-saving measures amid billions of pounds in debt and increased competition.
The company, with 16,000 employees, is expected to review its use of contractors and suppliers. Virgin Media O2 faces competition from both smaller providers and BT, which recently acquired TalkTalk. The company's debt stands at £27.2 billion, while its assets are valued at £45.9 billion. Additionally, Virgin Media O2 is considering a deal to use BT's fiber broadband network, potentially halting its own fiber investment.