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Investing.com -- Liberty Global (NASDAQ:LBTYA) Ltd. is planning to cut hundreds of jobs as part of a new restructuring program, according to Bloomberg, citing people familiar with the matter.
The European cable-TV and broadband provider, which is part of John Malone’s media empire, initiated the first round of cuts on Monday by offering voluntary buyouts to employees. A second round of voluntary reductions will follow if needed, said the sources who requested anonymity because the plans haven’t been publicly announced.
Approximately 800 employees are eligible for the buyouts, according to one source. The job cuts will affect the company’s core corporate staff, which consists of about 1,900 employees.
The restructuring is aimed at reducing operating costs by hundreds of millions of dollars, some of the sources said. Liberty Global is among the largest cable-TV and broadband providers in Europe.
Liberty stock is down 2.4% ahead of market close.
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