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VIRGIN MEDIA O2 TO CUT THOUSANDS OF JOBS IN SWEEPING SHAKEUP
British telecoms operator Virgin Media O2 will cut thousands of jobs, Sky News reported Saturday, with up to 4,000 of its 16,000 employees potentially affected.
British telecoms operator Virgin Media O2, jointly owned by Liberty Global and Spain's Telefónica, will cut thousands of jobs in a sweeping shakeup, Sky News reported on Saturday, citing people close to the company, according to Reuters.
Up to 4,000 of Virgin Media O2's 16,000 employees could be affected, although the precise number of job cuts has yet to be finalised, the report said.
Virgin Media O2 did not immediately respond to a request for comment.
The Financial Times reported in July that VMO2's owners were weighing options to reduce the company's £22 billion ($29.46 billion) debt pile, and in September reported its shareholders were seeking to reduce costs by about £600 million.
The cuts would be among the largest in the British telecoms sector this year.
Reporting: Reuters
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