Liberty Global has offered voluntary redundancy to hundreds of its employees as part of restructuring efforts.

The company, which has a 50 percent stake in UK telco Virgin Media O2, has offered voluntary redundancy to around 800 of its 1,900 direct employees.

Liberty Global, owned by John Malone, confirmed the restructuring plans in a statement to Bloomberg, as the company seeks to slash hundreds of millions of dollars in operating costs.

“We’re reshaping our internal structure so that our operating model is positioned for future growth and long-term success,” said Liberty Global in a statement. "This isn’t about cost-cutting; it’s about being agile, competitive, and aligned with the evolving needs of our customers and markets.”

The Financial Times had earlier reported that the cuts will come in two rounds after employees were offered voluntary redundancy on July 21.

Cuts are expected to be made across Liberty’s offices in London, Denver, and Amsterdam.

Such are the efforts to cut costs at the company, Liberty Global is even planning to sell one of its two Dassault Falcon jets, adds the FT.

Liberty Global operates in a number of European countries, including the UK, Netherlands, Belgium, Ireland, and Slovakia. However, this number is down from the 12 it had previously operated in back in 2017.

Last year, the company completed the spin-off of Swiss telco Sunrise.

In May, Liberty Global put plans on hold to find investors for Virgin Media's O2 fixed NetCo in the UK, while Telefónica continues its strategic review.

Both Liberty Global and Telefónica own a 50 percent stake in Virgin Media O2, a telco formed as a merger between Virgin Media and O2 in 2021.