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The CEO of UK broadband provider Virgin Media’s (VMO2) co-parent operator Liberty Global, Michael Fries, has told investors that the group “remain committed” to trying to get nexfibre’s £2bn acquisition of rival full fibre network Netomnia over the line and “aren’t going to build any more fibre [FTTP] on the VMO2 balance sheet regardless of the outcome” with the CMA.
It’s fair to say that the Competition and Markets Authority (CMA) threw somewhat of a spanner into the works of Virgin Media and O2’s wider UK plans, as well as that of various other alternative networks (altnets), when they provisionally ruled to strongly reject the £2bn deal for Netomnia (Substantial Group) last month. Nexfibre continues to challenge that before a final ruling, but it currently appears to be an uphill battle.
The publication of yesterday’s Q3 2026 results only served to underline the fallout from all this, with VMO2 announcing approximately £800m of cost savings by 2029 (including a 30% reduction in their workforce) and their decision to “halt investment in further fibre upgrades” beyond its existing commitments (nexfibre’s expansion into new FTTP areas had already stopped early in 2026).