Claims extracted
21
sentences that state something as happening or true
Uncertain
0%
0 of 21 hedged
("reportedly", "may", "according to")
Leaning
not political
takes no side on a contested political question
Publisher signals
64/100
Evening Standard's corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
7
Economy/Business
Same framing elsewhere
3
articles that frame the event the way this one does
The telecoms giant said the bulk of the cost savings – about £300 million – will come from job cuts among its 16,000-strong workforce in the UK, with aims to reduce its staff costs by around 30%.
asserted
bulk → say → %
It did not confirm how many roles will go, but said most of those affected would not be customer facing.
asserted
most → confirm → those
Details of the scale of the cost cutting came after weekend reports revealed jobs were under threat across the company.
asserted
jobs → come → company
The firm has already been cutting senior leadership positions and the overhaul is expected to largely focus on head office, IT and support functions.
asserted
overhaul → cut → functions
It will also review its use of contractors and suppliers as part of the cost reductions.
asserted
It → review → reductions
The group said it would ramp up the use of artificial intelligence (AI) to “support faster decision-making and delivery”.
asserted
it → say → making
Lutz Schuler, chief executive Virgin Media O2, said: “Given the market conditions we face, the regulatory backdrop in fibre and the technological changes sweeping across all areas of the economy, standing still and doing what we’ve always done is not an option and while many of these decisions are tough, they are necessary for our future success and growth.
asserted
they → say → success
“While we will give a fuller update on the new strategic plan in the coming months, we are already progressing and making difficult decisions to prioritise investments and reduce costs which includes the size of our workforce.
asserted
which → give → workforce
“This is not something I take lightly but my commitment to our people is that for those leaving we will treat them fairly and with respect.”
asserted
we → take → respect
Virgin Media O2, jointly owned by Liberty Global and Telefonica, said there were no plans to close any of its UK offices, which include sites in Paddington in London, Reading in Berkshire, Leeds, Manchester and Glasgow.
asserted
which → own → Berkshire
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Half of the annual cost savings – £400 million – will be stripped out next year, with most affected workers to be told by February.
asserted
workers → read → February
It will face about £250 million in one-off costs from the restructuring.
asserted
It → face → restructuring
It added the plans will also see it halt further fibre network building and instead focus on upgrading its network to a 2gbps speed, which was a more “low cost option”.
asserted
which → add → speed
The firm will give more details of the UK changes at the time of its full-year results in February.
asserted
firm → give → February
Virgin Media O2 is struggling under a debt mountain of more than £22 billion and is also facing increasing competition from cheaper alt-net broadband providers as well as telecoms giant BT, which recently boosted its market share further with the emergency rescue takeover of TalkTalk.
asserted
which → struggle → TalkTalk
Virgin Media said at the time that the TalkTalk deal was a “stitch-up masked as a rescue deal in the public interest”.
asserted
deal → say → interest
It is also facing competition scrutiny over plans by Nexfibre – a joint venture backed by Liberty Global and Telefonica, the co-owners of Virgin Media O2, as well as InfraVia Capital Partners – to buy alt-net Netomnia for £2 billion.
asserted
It → face → billion
The Competition and Markets Authority has provisionally found concerns over the takeover, which Virgin Media O2’s owners were hoping to secure to help it compete.
asserted
it → find → which
Virgin Media O2’s third-quarter results on Tuesday showed service revenues fell 3.5% in the three months to September 30, with another 23,300 fixed line customer losses on a net basis.
asserted
revenues → show → basis
It said this was 9,400 fewer than a year earlier.
asserted
this → say → ?
Overall underlying earnings fell 2.6% in the third quarter as a 5.4% drop in costs failed to offset the service revenue hit.
asserted
drop → fall → hit
The Aporia
