Liberty Global-Owned U.K. Cable Giant Virgin Media to Cut 600 Jobs
LONDON – U.K. cable giant Virgin Media will cut 600 jobs, mostly among top and middle management, under new owner Liberty Global, the Guardian reported.
The cuts would reduce the firm's staff of around 15,000 by about 4 percent.
John Malone's international cable operator acquired Virgin Media for $24 billion earlier this year and has said it expects to streamline the operation. The Guardian cited sources as saying the cuts will help make Virgin Media a more "agile and efficient" company.
It wasn't immediately clear how much money the cuts will save the company annually.
Virgin Media's units that interact with customers are not expected to be affected by the job cuts.
"Virgin Media is making sure it has the structure it needs to meet the needs of its customers," it quoted new Virgin Media CEO Tom Mockridge as saying. "These proposals are designed to take advantage of the opportunities that come with being part of the world's largest cable operator and create an organization that's fit for growth."
Mockridge previously ran Rupert Murdoch's Italian pay TV firm Sky Italia and the mogul's U.K. newspaper business.
Liberty Global owns cable operators across Europe and in Latin America.