Virgin Media O2 cuts jobs and pauses fibre rollout

Virgin Media O2 announced Tuesday it will reduce around 30% of its total people costs and halt its fibre network expansion as the company works to boost cash generation.

The British mobile and broadband provider, owned jointly by Liberty Global (NASDAQ:LBTYA) and Telefonica (NYSE:TEF), said most of the job cuts will affect non-customer facing roles.

The company is also in discussions to use BT’s network. Virgin Media O2 faces pressure from BT’s fibre network expansion and numerous smaller alternative network operators in the market.