MADRID (Reuters) -The plan to spin off joint venture Virgin Media O2's fixed network in Britain had been scrapped, Telefonica's Chief Executive Marc Murtra told Reuters on Wednesday. "The project is
Telefonica CEO Confirms Cancellation of Virgin Media O2 Spin-Off Plan
MADRID (Reuters) -The plan to spin off joint venture Virgin Media O2's fixed network in Britain had been scrapped, Telefonica's Chief Executive Marc Murtra told Reuters on Wednesday. "The project is stopped," Murtra said, clarifying his comment made during a call with analysts that the "plan is not on pause". Virgin Media O2, which is jointly owned by Liberty Global and Telefonica, had said last year it wanted to spin off its fixed network into a subsidiary called NetCo. Virgin Media said at the time the change would underpin its plan to upgrade all of its customers to fibre. The move would create a platform for wholesale opportunities, it said. Reports last year said the companies were planning to sell a 20-40% stake in the network as part of the spinoff.
(Reporting by Inti Landauro and Paul Sandle)
