Telefónica y Liberty Global sopesan un ajuste de 700 millones de euros en Virgin Media O2

Telefónica and Liberty Global are considering a £700 million (£699.2 million) adjustment at Virgin Media O2 (VMO2) to address growing investor concerns over the telecommunications operator's capital structure. According to Financial Times, the plan would involve staff reductions, lower operational and capital spending, and a potential 200 million euro cut in annual dividends to VMO2 shareholders, as reported by sources close to the situation.

The measure aims to tackle the operator's net debt of £22 billion (£25.637 billion), a result of intensifying debt sales during the summer months. VMO2's senior unsecured bond, part of a £1.1 billion total, has fallen to 61 cents per dollar, compared to 78 cents at the start of July, while guaranteed senior debt tranches have dropped below the 80-cent per dollar mark.

Analysts suggest that VMO2's financial position is deteriorating amid a competitive UK market dominated by dozens of alternative fiber networks, known as altnets. VMO2's broadband subscriber base stood at 5.42 million as of June, marking a net loss of 33,500 customers in the first half of the year, adding to 138,400 users lost the previous year.

Both Telefónica and Liberty Global are burdened with substantial debt, with Telefónica completing divestitures in Latin America, cutting dividends, and implementing staff reductions in its German subsidiary. Meanwhile, Liberty Global recently sold its entire telecom tower assets in its Dutch subsidiary, VodafoneZiggo, to a consortium of investment funds for £669 million, using the proceeds to reduce Ziggo's debt and other non-core assets for future IPO plans in Amsterdam's Euronext market in mid-2027.