Is Virgin Media in Trouble? The Facts for Customers

Who this is for: Anyone with Virgin Media broadband, TV or a landline who has seen the headlines about debt, bonds or the Netomnia deal and wants to know whether it affects them. If you help an older relative with their bills, this is for you too.

The short version

• The pressure is on the company's finances. Virgin Media O2 owes a lot and investors are worried. So far, no source reports any change to customers' service because of it.
• The Netomnia deal has not been blocked. The CMA's findings are provisional, and its final decision is currently due by 15 December 2026.
• Your contract, price and service have not changed because of any of this.
• Your April price rise was already in your contract. It is not new, and it is not caused by the debt.
• Virgin Media email is closing. That is a separate change, and it is the one that needs action if you use a Virgin Media address.
• If you are out of contract, you can switch at any time with no exit fee.

Is Virgin Media in trouble?

Direct answer: Virgin Media O2 is under financial pressure because of its debt and the uncertainty over the Netomnia deal, but it is still trading normally and nothing has changed for customers.

Virgin Media is the broadband, TV and landline brand of Virgin Media O2 (VMO2), which also runs the O2 mobile network. VMO2 is owned 50:50 by Liberty Global and Telefónica. Questions about its finances grew over the summer, when reports said investors were paying much less for some of its bonds, and again in October after the CMA provisionally found competition concerns with a fibre deal linked to VMO2.

"In trouble" can mean a lot of things, so it helps to be precise. This is what the evidence shows as at 26 October 2026:

• It is trading. VMO2 published its results for April to June 2026 on 24 July, and says its next results come out on 3 November 2026 (Virgin Media O2, 2026b).
• Its debt is large. Its own figures show £22,502.6m of third-party debt and lease obligations at 30 June 2026, or a net carrying amount of £21,928.2m after deducting its cash and some accounting adjustments (Virgin Media O2, 2026a).
• Its sales are falling. Total service revenue was £2,042.8m between April and June 2026, down 3.9% on a year earlier on the company's adjusted basis. Adjusted EBITDA, a common measure of underlying profit, was £975.2m, down 2.9%. Broadband connections fell by 28,200 in the same three months, to 5,417,900.
• It is still building. VMO2 said in its results on 24 July 2026 that its full fibre footprint had reached 9 million premises, including the nexfibre network.
• Liberty Global says both owners are committed. Liberty Global's chief executive, Mike Fries, said in July that "both Liberty and Telefónica are completely aligned on our commitment to this business long term", while accepting that "leverage today exceeds our original targets" (ISPreview, 2026b).
• No reported default. None of the sources we checked report a missed payment, a default or any insolvency process.

Why are people worried about Virgin Media's debt?

Direct answer: Because the debt is large, revenue and underlying profit are falling, and investors have been paying less for its bonds, which makes future borrowing more expensive.

Big telecoms companies borrow heavily to build their networks, so debt on its own is normal. What changed in 2026 is how investors feel about it. In July, ISPreview reported that one of VMO2's US dollar bonds had fallen as low as 57 cents on the dollar and, citing the Financial Times, that even its safer secured bonds had "fallen sharply" (ISPreview, 2026a). When a bond trades that far below its face value, investors are signalling that they see more risk of not being repaid in full, and new borrowing gets more expensive.

In October, after the CMA's provisional findings, ISPreview reported that VMO2's bond prices had recently fallen to all-time lows (ISPreview, 2026c). A VMO2 spokesperson, quoted by ISPreview on 18 October, said: "Against a backdrop of challenging broader market conditions, Virgin Media O2 has a robust capital structure."

A falling bond price is a matter between a company and the people who lent it money. On its own, it doesn't change the service you get or the terms of your contract.

What is the Netomnia deal, and why does it matter?

Direct answer: It is a £2bn deal for nexfibre, a fibre network owned by VMO2's two owners and InfraVia, to buy Netomnia, YouFibre and brsk. VMO2 was due to get about £1.1bn in cash from it, and the CMA has provisionally found that it may be expected to reduce competition substantially.

On 18 February 2026, InfraVia, Liberty Global and Telefónica agreed to buy Substantial Group, which owns the Netomnia full fibre network and the YouFibre and brsk broadband brands, through their joint venture nexfibre, at an enterprise value of £2bn. As part of the deal, VMO2 was due to receive about £1.1bn in cash and an indirect 15% stake in nexfibre, and to buy the YouFibre and brsk retail business for £150m. The companies said "the vast majority of the proceeds will be available for deleveraging", which means paying down debt (InfraVia Capital Partners et al., 2026).

You may have seen some headlines quoting £1bn and others quoting £2bn. Both are right: £2bn is the value of the whole deal, and the roughly £1bn figure is VMO2's share of the cash.

What the CMA has said so far. On 2 October 2026 the CMA said it had "provisionally found competition concerns in the wholesale supply of wholesale fixed broadband services" (CMA, 2026a). Its interim report says that where broadband companies get better wholesale terms, "this is often reflected in better deals for end-consumers and businesses", and that the effect would be felt "disproportionately" by people "in the midlands and north of England", where Substantial's network is (CMA, 2026b).

On 20 October, the three owners said "the CMA's Interim Report is fundamentally flawed" and that "there is no remedies package that can address the CMA's current counterfactuals, and on that basis we have not submitted one" (Telecoms.com, 2026). The same day, the CMA invited comments on possible remedies, saying it had "identified prohibition of the Transaction" as a possible option (CMA, 2026c).

Nothing has been decided. The CMA's final report is currently due by 15 December 2026. For more on what each outcome would mean for YouFibre and brsk customers, see our guide to the CMA review.

What's confirmed, and what's only been reported?

Direct answer: The debt figures, the CMA's provisional findings, Ofcom's fines and the email closure are confirmed. Plans for cost cuts and talk of reviving old brands are reports that VMO2 has not confirmed.

A lot is being written about Virgin Media O2 at the moment. This table separates what the companies and regulators have confirmed from what has only been reported, so you can judge the headlines for yourself.

Will my Virgin Media broadband be affected?

Direct answer: Not by anything announced so far. No source reports any change to Virgin Media's broadband service, prices or contracts because of its debt or the CMA review.

The latest Ofcom complaints figures, published on 26 October 2026 and covering April to June 2026, put Virgin Media at 4 broadband complaints per 100,000 customers. That was the lowest figure in Ofcom's table and below the industry average of 6, and Ofcom named Plusnet, Sky and Virgin Media as the least complained-about broadband providers (Ofcom, 2026d). You can see how every provider compares in our Ofcom complaints tracker.

For TV, the picture is different: Ofcom named EE and Virgin Media as the most complained-about pay-TV providers in the same three months (Ofcom, 2026d). Ofcom has also fined Virgin Media twice in the past year. On 8 July 2026 it fined the company £28m for making it unreasonably hard for customers to cancel between 1 January 2022 and 11 September 2024 (Ofcom, 2026b). On 1 December 2025 it fined Virgin Media £23.8m after it disconnected telecare customers while moving them to digital landlines between August 2022 and December 2023 (Ofcom, 2025). Virgin Media admitted the failings in both cases. Ofcom says Virgin Media has since made changes to its commission scheme, training and monitoring, and updated its policies and added safeguards. The cancellation problems ran until 11 September 2024, the day before One Touch Switch came in; today you only need to contact your new provider to switch. Neither fine is a sign of financial trouble: both are penalties for past customer service failings, and for scale, £28m is about 1.4% of the £2,042.8m VMO2 took in revenue between April and June 2026 alone. What the £28m fine means for you.

Could this slow down Virgin Media's full fibre upgrades?

Direct answer: Possibly in some areas, but nobody knows yet. VMO2 and the CMA disagree about what happens if the deal does not go ahead.

Virgin Media is gradually replacing its older cable network with full fibre. Part of the Netomnia deal was a plan for nexfibre to upgrade 2.1 million Virgin Media cable homes to full fibre (InfraVia Capital Partners et al., 2026).

VMO2's chief executive, Lutz Schüler, has warned that without the deal "I would bet no fiber is going to be built anymore in this country" (Light Reading, 2026). The CMA's provisional view is different: its interim report says that "absent the Transaction, VMO2 would continue to upgrade its network to FTTP" (CMA, 2026b).

If you are waiting for Virgin Media full fibre, the honest answer is that timings could change. We will update this page when the CMA makes its final decision.

What's happening to Virgin Media email?

Direct answer: Virgin Media is closing its email service and moving accounts to a company called Junara. This is the one change many Virgin Media customers do need to act on.

Virgin Media O2 announced on 9 September 2026 that email accounts, including those at ntlworld.com, blueyonder.co.uk, virgin.net and virginmedia.com, will move to Junara, which is owned by Atmail. It says customers "will have at least 45 days from receiving their first communication to decide what action to take", followed by a further 120-day window to recover the account. "If no action is taken after the 165-day window, the email account will be permanently deleted" (Stott, 2026).

Current broadband, landline or TV customers are offered the first 12 months with Junara free, "subject to a 99p transfer fee paid to Junara", and customers who have said they need extra support get 18 months free. VMO2 says the change lets it focus on its broadband, mobile, landline and TV services.

Your clock starts with your own letter or email, so the deadline is different for everyone. Our step-by-step email guide covers what to do in what order, and this guide explains how to keep your email if you ever switch.

Is Virgin Media putting my price up because of its debt?

Direct answer: There's no sign of that. Virgin Media's yearly rises are set out in your contract from the day you sign, and they apply each April whatever the company's finances.

Under Ofcom's rules, for new contracts from 17 January 2025 providers must set out any price rises "clearly in pounds and pence, before a customer signs up" (Ofcom, 2024a). Virgin Media's rise depends on when you joined or last renewed:

Source: Virgin Media (n.d.-a). These rises are set out in your contract, so Virgin Media says they don't give you a right to leave your minimum term without an early disconnection fee.

Virgin Media's social tariffs are not part of the annual rise. If you receive Universal Credit, Pension Credit, Income Support or certain other benefits, you may be able to get Essential broadband at £12.50 a month with an average download speed of 15Mbps, or Essential broadband plus at £20 a month with an average of 54Mbps, both on rolling 30-day contracts. Virgin Media says existing customers can move to them "with no extra fees or cancellation charges" (Virgin Media, n.d.-b, checked 26 October 2026). Compare every UK social tariff. For the full picture on this year's rise, see our Virgin Media price rise guide.

Can I leave Virgin Media without paying a fee?

Direct answer: Yes, if you are out of contract. If you are still in your minimum term, you will usually pay an early disconnection fee, unless Virgin Media changes your terms in a way that does not benefit you.

• Out of contract: there is no exit fee. Under One Touch Switch, you only need to contact your new provider, and you "do not have to pay notice-period charges beyond the switch date" (Ofcom, 2024b). How One Touch Switch works.
• In your minimum term: an early disconnection fee usually applies, and the April price rise does not change that because it is in your contract.
• If your terms change: Ofcom says you have "a right to exit the contract without penalty if the change does not benefit you". That does not apply to changes that are only to your benefit, to purely administrative changes, to changes imposed by law, or to price rises made clear when you signed (Ofcom, 2026a). You need to act within one month of being told about the change (Ofcom, n.d.-b).
• Near the end of your contract: your provider must send you a notification between 10 and 40 days before it ends, telling you about its best tariffs (Ofcom, 2019).

What should I do now?

Direct answer: For most people, nothing urgent. Keep paying, check your contract end date, and deal with any Virgin Media email letter.

If something goes wrong with your broadband or landline, Virgin Media is signed up to Ofcom's automatic compensation scheme. At the rates shown by Ofcom, that is £10.34 for each calendar day a fault isn't fixed once two full working days have passed, £32.31 for each missed engineer appointment and £6.46 for each day a new service is late starting, usually paid as a credit on your bill (Ofcom, n.d.-a). Work out what you're owed.

If a complaint isn't sorted, complain to Virgin Media first. After six weeks, or sooner if you get a deadlock letter, you can take it to CISAS for free. Ofcom lists Virgin Media as a member of CISAS (Ofcom, 2026c).

What happens next?

Direct answer: There are three dates to watch: 27 October, 3 November and 15 December 2026.

• 27 October 2026: comments on the CMA's possible remedies close at 5pm.
• 3 November 2026: VMO2 publishes its results for July to September 2026, which should include updated customer and debt figures.
• By 15 December 2026: the CMA publishes its final report on the Netomnia deal.
• April 2027: the next yearly price rise for most Virgin Media contracts.

We will update this page after each of these, and log any change in our public corrections log.

The bigger picture

Direct answer: UK broadband is consolidating, and big deals are getting much closer scrutiny from the competition regulator.

VMO2's owners argue that the Netomnia deal would unlock £3.5bn of investment and create a stronger challenger to Openreach. The CMA's provisional view is that it may be expected to reduce competition substantially between the companies that build and rent out fibre networks, and that this competition tends to feed through into better deals for households. The owners have also argued that BT's acquisition of TalkTalk "is shrinking the available wholesale market".

If you want the background, our report The Great Consolidation looks at where UK broadband ownership is heading, and our BT and TalkTalk guide covers the other big deal in the news. Questions about other providers? Here is what the rules say when any provider is sold or runs into difficulty.

Headlines about debt can be unsettling, but your rights as a customer don't depend on how a company is financed. If you're happy with Virgin Media, there's no reason to leave because of the news. If you're out of contract, it's worth checking what else is available at your address, whoever you're with.

Frequently asked questions

Is Virgin Media going bust?

None of the sources we checked report a missed debt payment, a default or any insolvency process. Virgin Media O2 is still trading and publishing its results, although it is under financial pressure because of its debt and the uncertainty over the Netomnia deal. Nothing has changed for customers because of the financial news.

Is Virgin Media in financial trouble?

Virgin Media O2 is under real financial pressure. It had £22,502.6m of debt and lease obligations at 30 June 2026, its revenue and underlying profit (adjusted EBITDA) are falling, and investors have been paying less for its bonds. Liberty Global's chief executive has said both owners are committed to the business for the long term.

How much debt does Virgin Media O2 have?

Its results show £22,502.6m of third-party debt and lease obligations at 30 June 2026, or a net carrying amount of £21,928.2m after deducting its cash and some accounting adjustments. Its next results, for July to September 2026, are due on 3 November 2026.

Who owns Virgin Media?

Virgin Media is a brand of Virgin Media O2, which is owned 50:50 by Liberty Global and Telefónica. The same two companies, together with InfraVia, own nexfibre, the fibre network company that agreed to buy Netomnia.

Will my Virgin Media broadband stop working?

Nothing announced so far points to that. No source reports any change to Virgin Media's broadband service, prices or contracts because of its debt or the CMA review. Keep paying your bill as normal.

Has the CMA blocked the Netomnia deal?

No. On 2 October 2026 the CMA provisionally found competition concerns, and on 20 October it named prohibition as a possible remedy, but nothing has been decided. Its final report is currently due by 15 December 2026.

Does the Netomnia deal affect YouFibre or brsk customers?

Not yet. The deal has not completed and the CMA's review is still running, so nothing has changed for YouFibre or brsk customers. We will update this page when the CMA publishes its final decision.

Is Virgin Media putting prices up because of its debt?

There's no sign of that. Virgin Media's yearly rise is written into your contract when you sign. If you joined or renewed after 2 October 2025, your monthly price goes up by a fixed £4 each April. Essential broadband, Essential broadband plus, Talk Protected plans and Flex are not included.

Can I leave Virgin Media early without paying?

If you're out of contract, yes: you can switch at any time with no exit fee. If you're still in your minimum term, you'll usually pay an early disconnection fee. The April price rise doesn't give you a right to leave, but Ofcom says you can exit without penalty if your provider changes your terms in a way that does not benefit you, as long as you act within a month of being told about the change.

What is happening to Virgin Media email?

Virgin Media is closing its email service and moving accounts, including those ending @ntlworld.com, @blueyonder.co.uk, @virgin.net and @virginmedia.com, to Junara. You get at least 45 days from your first letter or email to decide, and current broadband, landline or TV customers get the first 12 months free, subject to a 99p transfer fee.

Should I switch away from Virgin Media now?

Not because of the news. If you're happy and still in contract, leaving early usually costs an exit fee. If you're out of contract, it's worth comparing what's available at your address, as it would be with any provider.

Where can I complain about Virgin Media?

Complain to Virgin Media first. If it isn't sorted after six weeks, or sooner if you get a deadlock letter, you can take it to CISAS, the free and independent dispute scheme Ofcom lists for Virgin Media.

Written by Dr Alex J. Martin-Smith, Founder of BroadbandSwitch.uk (LinkedIn). Reviewed by Adrian James, Broadband Editor (LinkedIn). Published 26 October 2026. Every fact and figure was checked against the original source, where it is publicly available, on 26 October 2026, and we label anything that has only been reported. Company finances and regulatory decisions move quickly, so check the date at the top of this page. This is general information, not legal or financial advice. The graphics are our own designs built from the cited data. BroadbandSwitch.uk is independent and is not endorsed by Virgin Media, Virgin Media O2 or the CMA. We may earn commission if you buy through our links, including from Virgin Media; it never changes the order deals appear in (how we rank deals). Corrections are logged publicly in our corrections log.

References

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