Business
Liberty Global Reports Q2 2024 Results
Sunrise spin-off on track for Q4'24 and Capital Markets Day to be held in Zurich on September 9 Significant progress on our fixed and mobile network
About this update from Liberty Global Ltd.
[{"type":"text","content":"\nSunrise spin-off on track for Q4'24 and Capital Markets Day to be held in Zurich on September 9\n\n\nSignificant progress on our fixed and mobile network strategies including fiber deployments in the U.K., Belgium and Ireland, as well as strategic network sharing agreements with Vodafone in the U.K. and Proximus in Belgium\n\n\n$3.5 billion(i) consolidated cash balance supported by ~$420 million of proceeds1 from All3Media sale\n\n\nStrong financial performance in the Netherlands, building commercial momentum in Switzerland, and fixed ARPU recovery in the U.K.\n\n\nUpdating full-year revenue guidance at VMO2 to 'low to mid-single-digit decline' reflecting lower handset sales; on track for all remaining OpCo guidance targets\n\n\n DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global Ltd. today announced its Q2 2024 financial results.\n\n\nCEO Mike Fries stated, \"Q2 has been another active quarter as we've continued to drive our strategic priorities; maximizing the value of our FMCs, leveraging our Ventures portfolio, and taking steps to deliver that value directly to shareholders over time.\n\n\n\nOur plan to spin-off Sunrise remains on track for Q4 this year and the Sunrise management team will host a Capital Markets Day in Zurich on September 9. We have also confirmed our intention to pay a CHF 240 million dividend in 2025.\n\n\n\nIn the U.K. we announced a new, long-term mobile network sharing and spectrum acquisition agreement with Vodafone, and our fiber reach is now over 5 million2 homes and ramping. Preparations for the formation of our fixed NetCo are progressing well.\n\n\n\nWe've reached a fixed network sharing MOU with Proximus in Belgium, secured 5G spectrum in the Netherlands at an attractive price, and excited to welcome Stephen van Rooyen, formerly of Sky, as CEO at VodafoneZiggo.\n\n\n\nWe continue to rotate capital in our Ventures portfolio, independently valued at $3.0 billion3, following the ~$420 million in proceeds we received from the sale of our stake in All3Media. We also announced our intention to take a controlling position in the world's fastest growing motorsport, Formula E.\n\n\n\nOur value creation strategy is supported by our robust balance sheet and disciplined capital allocation model. We have $3.5 billion(i) of cash and a long-term, fixed-rate debt profile with no material maturities until 2028...