Liberty Global CEO Mike Fries has revealed plans to separate its remaining core operating units. This follows the successful spin-off of Sunrise in November 2024. Despite a reduction in the number of its operations in recent years, Liberty continues to operate joint ventures with O2 in the UK and Vodafone in the Netherlands. “The unique structure of our balance sheet and holdings provides us with the flexibility to pursue additional spin-offs, tracking stocks, IPOs and other transactions, in multiple combinations,” Fries explained in a statement accompanying the company’s Q2 results. The goal is to unlock what Liberty calls the “conglomerate discount” in its stock.
Fries indicated that while the specific timing is yet to be determined, the company aims to finalize one or more spin-offs within the next 12 months. In the Netherlands, Liberty Telecom is focused on improving commercial momentum at VodafoneZiggo, facing strong competition from KPN, Delta, and Odido, who are offering budget-friendly packages. Liberty reports improved churn rates and plans further commercial initiatives later in the year.
Virgin Media O2 reported positive adjusted EBITDA growth in the second quarter, demonstrating resilience against UK market competition. However, Virgin Media Ireland experienced lower revenue and Adjusted EBITDA due to heightened competition. Despite this, progress continues on strategic goals, including FTTH rollout, increased wholesale penetration, and mobile commercial growth. Meanwhile, Telenet in Belgium saw increases in broadband and postpaid subscribers during the second quarter, leading to a more positive outlook for the year. Recently, Liberty announced a voluntary redundancy program impacting approximately 800 of its 1,900 employees.