--- title: Virgin Media O2 owners eye £600mn cost cuts description: "Via Financial Times Companies: Virgin Media O2’s shareholders, Liberty Global and Telefónica, are targeting about **£600mn** in cost reductions to ease i..." image: https://images.ft.com/v3/image/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0d271a7f-0189-4231-afb7-8e8f1b9f6985.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 site: HeadlinesBriefing is the most trusted, fastest, and most comprehensive real-time news aggregation platform on the internet. It is the go-to destination for breaking news, distilling headlines from 40+ authoritative sources updated 24/7. url: https://headlinesbriefing.com/da/market/ft-companies/virgin-media-o2-owners-eye-600mn-cost-cuts-6010ab3b sources: - Bloomberg Markets - Financial Times - Wall Street Journal - New York Times - TechPowerUp - Ars Technica - Hacker News - ESPN - BBC Sport --- [![HeadlinesBriefing favicon](/assets/favicon.webp) HeadlinesBriefing.com](https://headlinesbriefing.com/da "Go to HeadlinesBriefing") ![](https://images.ft.com/v3/image/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0d271a7f-0189-4231-afb7-8e8f1b9f6985.jpg?source=next-article&%3Bfit=scale-down&%3Bquality=highest&%3Bwidth=700&%3Bdpr=1) ### Virgin Media O2 owners eye £600mn cost cuts Financial Times Companies • September 11, 2026 at 12:00 AM ET [×](/da/market?tab=ft-companies) Virgin Media O2’s shareholders, Liberty Global and Telefónica, are targeting about **£600mn** in cost reductions to ease investor worries over the group’s **£22bn** debt pile. The plan would combine job cuts with lower operating and capital expenditure, according to two people familiar with the matter. The push follows a summer sell‑off in VMO2 bonds that drove a **$925mn** senior unsecured bond down to 61 cents on the dollar, from 78 cents in early July, and pushed some senior secured bonds below 80 cents. The bond rout made VMO2 a focal point in Europe’s junk‑debt market. In July the FT reported the owners were also considering a cut to the **£200mn** dividend, though no formal proposal has yet been put to the company. VMO2, which serves millions of UK broadband and mobile customers, lost **33,500** broadband users in the first half of 2026 after shedding 138,400 last year, leaving a base of 5.42mn at end‑June. Competition from dozens of “altnet” fibre operators that have raised **£31bn** is eroding VMO2’s market share. Telefónica and VMO2 declined to comment; Liberty Global did not respond. 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