Virgin Media O2 Plans 4,000 Job Cuts to Tackle £22bn Debt Burden

Virgin Media O2 is preparing to cut about 4,000 jobs — roughly 25% of its 16,000-strong workforce — as the telecoms joint venture seeks to address a £22bn debt pile, Sky News reported. Final details are expected in the company's third-quarter results due on Tuesday. Most affected roles are understood to be non-customer facing, with senior management changes also planned. Unions including the Communication Workers Union and Prospect have been briefed. VMO2 declined to comment. The company was formed in June 2021 through a £31bn merger of Telefónica's O2 UK and Liberty Global's Virgin Media. Virgin Media carried roughly £11bn in net debt while O2 UK had virtually none, forcing the venture to borrow billions and leaving it with about £18bn in debt from day one. Rising interest rates have since weighed on its finances. The cuts follow CEO Lutz Schüler's criticism of Culture Secretary Lisa Nandy over BT's £400m takeover of TalkTalk. BT Group and VodafoneThree are also pursuing significant layoffs.