Virgin Media O2 has confirmed it will scrap thousands of jobs as part of cost-cutting measures aimed at tackling its multi-billion-pound debt. The telecoms giant, jointly owned by Global and Telefonica, is reportedly planning to reduce its workforce of around 16,000, with thousands potentially facing redundancy in the coming months.
Cost-Cutting Amid Debt Concerns
According to Sky News, the decision comes amid investor concerns about the company's debt pile, which stands at £22bn. The move is part of a broader shake-up at the company, which operates under the VMO2 brand.
Impact on Workforce
Details of which roles will be affected have not yet been disclosed. The company's confirmation follows reports of the planned cuts, which are expected to be implemented over the next several months.
Virgin Media O2 has not commented further on the timeline or the number of jobs that will be eliminated.
