UK's Virgin Media O2 to slash jobs, halt fibre roll-out
British mobile and broadband company Virgin Media O2 is cutting jobs, halting its fibre roll-out and is in talks to use its bigger rival BT's network, as the indebted group seeks to increase its cash generation. The company, jointly owned by Liberty Global and Telefonica, is being squeezed by the roll-out of BT's fibre network and scores of small "alt-nets".
It said on Tuesday it would cut around 30% of its total people costs, with the majority of the reduction coming from non-customer facing roles.
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