VIRGIN MEDIA O2 CUTS THOUSANDS OF JOBS

Heavily indebted British operator Virgin Media O2 plans to cut several thousand jobs as part of a major cost-cutting plan. The company, which faces £22 billion in debt and increased competition in the telecommunications market, aims to achieve £800 million in annual savings by 2029. Up to a quarter of its 16,000 employees could be affected. The group also plans to reduce its investments in fiber optics and increase its use of artificial intelligence.