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What changed in Liberty Global Ltd.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Liberty Global Ltd.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+755 added−753 removedSource: 10-K (2025-02-18) vs 10-K (2024-02-15)

Top changes in Liberty Global Ltd.'s 2024 10-K

755 paragraphs added · 753 removed · 335 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

1 edited+39 added−319 removed0 unchanged
Biggest changeFor additional information regarding certain currency instability risks, see Management’s Discussion and Analysis of Financial Condition and Results of Operations above.
Biggest changeProperties , Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 7A .
Removed
Item 1. Business — Competition and — Regulatory Matters included in Part I of this Annual Report on Form 10-K. For additional information regarding the revenue impact of changes in the fixed-line customers and ARPU of our consolidated reportable segments, see Discussion and Analysis of our Reportable Segments below .
Added
Item 1. BUSINESS Who We Are We are Liberty Global Ltd. (formerly Liberty Global plc) ( Liberty Global ), a dynamic team of operators and investors generating and delivering shareholder value through the strategic management of three platforms — Liberty Telecom, Liberty Growth and Liberty Services.
Removed
For information regarding certain other regulatory developments that could adversely impact our results of operations in future periods, see Legal and Regulatory Proceedings and Other Contingencies in note 18 to our consolidated financial statements.
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Through Liberty Telecom, we have built fixed mobile convergence ( FMC ) national champions that deliver market-leading connectivity and entertainment products through next-generation networks, providing approximately 80 million connections (at December 31, 2024) through some of Europe’s best-known consumer brands.
Removed
II-5 Results of Operations We have completed a number of transactions that impact the comparability of our 2023 and 2022 results of operations, the most notable of which are (i) the sale of UPC Poland on April 1, 2022 and (ii) the Telenet Tower Sale on June 1, 2022.
Added
We are pursuing strategies in each market to drive commercial momentum, finance and monetize network infrastructure, and pursue accretive transactions to deliver value to our shareholders. Liberty Growth invests, grows and rotates capital into scalable businesses across the technology, media/content, sports and infrastructure industries that we believe create unique opportunities to generate shareholder value.
Removed
For further information regarding our dispositions, see note 6 to our consolidated financial statements. In the following discussion, we quantify the estimated impact of material acquisitions (the Acquisition Impact ) and dispositions on our operating results. The Acquisition Impact represents our estimate of the difference between the operating results of the periods under comparison that is attributable to an acquisition.
Added
As of December 31, 2024, Liberty Growth holds investments valued at $3.1 billion in approximately 70 companies and funds, including stakes in ITV plc ( ITV ), Televisa Univision, Inc. ( Televisa Univision ), Plume Design, Inc. ( Plume ), EdgeConneX, Inc.
Removed
In general, we base our estimate of the Acquisition Impact on an acquired entity’s operating results during the first three to twelve months following the acquisition date, as adjusted to remove integration costs and any other material unusual or nonoperational items, such that changes from those operating results in subsequent periods are considered to be organic changes.
Added
( EdgeConneX ) and AE Group Sàrl ( AtlasEdge ), as well as our controlling interest in Formula E Holdings Ltd. ( Formula E ). Liberty Services offers innovative technology and finance service platforms that capitalize on our scale, best practices and expertise.
Removed
Accordingly, in the following discussion, (i) organic variances attributed to an acquired entity during the first 12 months following the acquisition date represent differences between the Acquisition Impact and the actual results and (ii) the calculation of our organic change percentages includes the organic activity of an acquired entity relative to the Acquisition Impact of such entity.
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Liberty Services currently generates most of its revenue from certain of our affiliates and related parties, however, it is focused on growing its unique scaled-based services to third parties.
Removed
With respect to material dispositions, the organic changes that are discussed below reflect adjustments to exclude the historical prior-year results of any disposed entities to the extent that such entities are not included in the corresponding results for the current-year period.
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Primary Business Operations : Brand Entity Location Ownership (1) Telenet Belgium 100.0% Virgin Media Ireland 100.0% UPC Slovakia Slovakia 100.0% Virgin Media O2 United Kingdom 50.0% VodafoneZiggo Netherlands 50.0% (1) As of December 31, 2024.
Removed
Changes in foreign currency exchange rates have a significant impact on our reported operating results as all of our operating segments have functional currencies other than the U.S. dollar.
Added
I-1 General Development of Business As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (the predecessor to Liberty Global plc) and Virgin Media Inc. ( Virgin Media ).
Removed
Our primary exposure to FX risk during the three months ended December 31, 2023 was to the euro and Swiss franc, as 55.1% and 46.7% of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro and Swiss franc, respectively.
Added
On November 23, 2023, Liberty Global plc completed a statutory scheme of arrangement, pursuant to which a new Bermudan company, Liberty Global Ltd., became the sole shareholder of Liberty Global plc and the parent entity of the entire group of Liberty Global companies (the Redomiciliation ).
Removed
In addition, our reported operating results are impacted by changes in the exchange rates for certain other local currencies in Europe.
Added
The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda.
Removed
The portions of the changes in the various components of our results of operations that are attributable to changes in FX are highlighted under Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results below.
Added
In this Annual Report on Form 10-K, the terms “we”, “our”, “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its joint ventures.
Removed
For information regarding our foreign currency risks and the applicable foreign currency exchange rates in effect for the periods covered by this Annual Report on Form 10-K, see Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below. The amounts presented and discussed below represent 100% of each of our consolidated reportable segment’s results of operations.
Added
Unless otherwise indicated, convenience translations into United States ( U.S. ) dollars are calculated as of December 31, 2024, and operational data, including subscriber statistics and ownership percentages, are as of December 31, 2024. Acquisitions and Dispositions We have completed a number of strategic acquisitions, dispositions and joint ventures over the last several years.
Removed
The noncontrolling owners’ interests in the operating results of Telenet, prior to the Telenet Takeover Bid, and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.
Added
We made or entered into these acquisitions, dispositions and joint ventures in order to execute on our strategy to concentrate on markets where we can focus on creating national champion FMC businesses in core markets and unlock significant synergies. Acquisitions .
Removed
Furthermore, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, we present 100% of the revenue and Adjusted EBITDA of those entities in the tables below. Discussion and Analysis of our Reportable Segments General All of our reportable segments derive their revenue primarily from residential and B2B communications services.
Added
Our significant acquisitions include: • On October 2, 2024 (the Formula E Acquisition Date ), we gained control of Formula E through the acquisition of the Formula E shares held by Warner Bros. Discovery, Inc. ( Warner Bros.
Removed
For detailed information regarding the composition of our reportable segments and how we define and categorize our revenue components, see note 19 to our consolidated financial statements. For information regarding the results of operations of the VMO2 JV and the VodafoneZiggo JV, refer to Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below.
Added
Discovery ) and certain other minority shareholders, which increased our ownership interest in Formula E from 38.2% to 65.6% (the Formula E Acquisition ). We also acquired a shareholder loan from Warner Bros. Discovery to Formula E upon closing of the transaction.
Removed
The tables presented below in this section provide the details of the revenue and Adjusted EBITDA of our reportable segments for 2023, as compared to 2022.
Added
Upon closing of the Formula E Acquisition, we began consolidating 100% of Formula E’s results. • On October 13, 2023, we completed the acquisition of all of the shares of Telenet Group Holding N.V. ( Telenet ) that we did not already hold through an all cash public tender offer (the Telenet Takeover Bid ).
Removed
These tables present (i) the amounts reported for the current and comparative periods, (ii) the reported U.S. dollar change and percentage change from period to period and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period.
Added
All shares not acquired through the tender offer process were acquired through a statutory simplified “squeeze-out” procedure under applicable Belgian law. Telenet is now a wholly-owned, indirect subsidiary of Liberty Global. Joint Ventures .
Removed
For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for 2023 and 2022 at the end of this section.
Added
Our significant joint venture transactions include: • On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV ( Fluvius ) created an independent infrastructure company ( Wyre ) within their combined geographic footprint in the Flanders region of Belgium and in parts of Brussels (the Telenet Wyre Transaction ).
Removed
Most of our revenue is derived from jurisdictions that administer VAT or similar revenue-based taxes. Any increases in these taxes could have an adverse impact on our ability to maintain or increase our revenue to the extent that we are unable to pass such tax increases on to our customers.
Added
The companies each contributed certain cable infrastructure assets with Telenet and Fluvius owning 66.8% and 33.2% of Wyre, respectively.
Removed
In the case of revenue-based taxes for which we are the ultimate taxpayer, we will also experience increases in our operating costs and expenses and corresponding declines in our Adjusted EBITDA and Adjusted EBITDA margins to the extent of any such tax increases.
Added
Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction. • On December 15, 2022, we contributed cash to a newly-formed joint venture in the United Kingdom ( U.K. ) (the nexfibre JV ) that is anticipated to roll-out a new fiber network to 5-7 million new homes in the U.K. that are outside the existing footprint of the VMO2 JV (as defined below).
Removed
II-6 We pay interconnection fees to other telephony providers when calls or text messages from our subscribers terminate on another network, and we receive similar fees from such providers when calls or text messages from their customers terminate on our networks or networks that we access through MVNO or other arrangements.
Added
We beneficially own approximately 25% of the nexfibre JV, Telefónica (as defined below) beneficially owns 25% and InfraVia Capital Partners ( InfraVia ) beneficially owns the remaining 50%. We account for our interest in the nexfibre JV as an equity method investment. Dispositions .
Removed
The amounts we charge and incur with respect to fixed-line telephony and mobile interconnection fees are subject to regulatory oversight. To the extent that regulatory authorities introduce fixed-line or mobile termination rate changes, we would experience prospective changes and, in very limited cases, we could experience retroactive changes in our interconnect revenue and/or costs.
Added
Our significant dispositions include: • On November 8, 2024, we completed the spin-off of our former wholly-owned subsidiary, Sunrise Communications AG ( Sunrise ), following a series of transactions that resulted in the transfer to Sunrise of our Swiss telecommunications operations (the Spin-off ).
Removed
The ultimate impact of any such changes in termination rates on our Adjusted EBITDA would be dependent on the call or text messaging patterns that are subject to the changed termination rates.
Added
In connection with the Spin-off, we agreed to provide certain transitional services to Sunrise for a period of up to five years.
Removed
We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments.
Added
These services principally comprise information technology, back-office, compliance and specialty services functions. • On June 1, 2022, Telenet completed the sale of substantially all of its passive infrastructure and tower assets to DigitalBridge Investments LLC ( DigitalBridge ) (the Telenet Tower Sale ).
Removed
Any cost increases that we are not able to pass on to our subscribers through rate increases would result in increased pressure on our operating margins. For additional information regarding our foreign currency exchange risks see Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.
Added
As part of the Telenet Tower Sale, Telenet entered into a master lease agreement to lease back the passive infrastructure and tower assets from DigitalBridge for an initial period of 15 years (the Telenet Tower Lease Agreement ).
Removed
Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends from a consolidated view.
Added
As part of the Telenet Tower Lease Agreement, I-2 Telenet has also committed to lease back 475 build-to-suit sites over the term of the lease.
Removed
Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations.
Added
Telenet will act as an agent over the construction of future towers on the build-to-suit sites. • On April 1, 2022, we completed the sale of our operations in Poland ( UPC Poland ) to a subsidiary of iliad S.A. ( iliad ).
Removed
The following table provides a reconciliation of earnings (loss) from continuing operations to Adjusted EBITDA: Year ended December 31, 2023 2022 2021 in millions Earnings (loss) from continuing operations $ (3,873.8) $ 1,105.3 $ 13,527.5 Income tax expense 149.6 318.9 473.3 Other income, net (225.5) (134.4) (44.9) Gain on AtlasEdge JV Transactions — — (227.5) Gain on U.K.
Added
In connection with the sale of UPC Poland, we agreed to provide certain transitional services to iliad for a period of up to five years. These services principally comprise network and information technology-related functions. Other Transactions • On November 23, 2023, we completed the Redomiciliation, as described above in this section.
Removed
JV Transaction — — (10,873.8) Gain on Telenet Tower Sale — (700.5) — Gain associated with the Telenet Wyre Transaction (377.8) — — Share of results of affiliates, net 2,019.3 1,267.8 175.4 Losses (gains) on debt extinguishment, net 1.4 (2.8) 90.6 Realized and unrealized losses (gains) due to changes in fair values of certain investments, net 557.3 323.5 (820.6) Foreign currency transaction losses (gains), net 70.8 (1,407.2) (1,324.5) Realized and unrealized losses (gains) on derivative instruments, net 526.3 (1,213.1) (537.3) Interest expense 907.9 589.3 882.1 Operating income (loss) (244.5) 146.8 1,320.3 Impairment, restructuring and other operating items, net 67.9 85.1 (19.0) Depreciation and amortization 2,315.2 2,171.4 2,353.7 Share-based compensation expense 231.0 192.1 308.1 Adjusted EBITDA $ 2,369.6 $ 2,595.4 $ 3,963.1 II-7 Revenue of our Reportable Segments General.
Added
Our shares continue to trade on the Nasdaq Global Select Market under the same ticker symbols as they did prior to the Redomiciliation (LBTYA, LBTYB and LBTYK). • On August 15, 2023, we announced a new strategic collaboration with Infosys to help scale Liberty Global’s digital entertainment and connectivity platforms.
Removed
While not specifically discussed in the below explanations of the changes in the revenue of our reportable segments, we are experiencing competition in all of our markets. This competition has an adverse impact on our ability to increase or maintain our total number of customers and/or our ARPU.
Added
The agreement has an initial five-year term, with an option to extend to eight years. Under this partnership, Liberty Global will license certain of its intellectual property to Infosys, who will then market our entertainment and connectivity platforms to customers outside of Liberty Global’s family of companies.
Removed
Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of our fixed-line customers or mobile subscribers outstanding during the period and (ii) changes in ARPU.
Added
As part of this arrangement, Liberty Global will continue to control the product roadmaps and retain the intellectual property for such platforms. Equity Transactions Share repurchases are an important part of our strategy in creating value for our shareholders.
Removed
Changes in ARPU can be attributable to (a) changes in prices, (b) changes in bundling or promotional discounts, (c) changes in the tier of services selected, (d) variances in subscriber usage patterns and (e) the overall mix of fixed and mobile products within a segment during the period.
Added
Under our 2024 share repurchase program, we were authorized to repurchase up to 10% of our outstanding shares (measured at the start of the year) during 2024. This target was fully achieved on December 30, 2024.
Removed
Year ended December 31, Increase (decrease) Organic increase (decrease) 2023 2022 (a) $ % $ % in millions, except percentages Sunrise $ 3,380.4 $ 3,180.9 $ 199.5 6.3 $ (10.1) (0.3) Telenet 3,089.2 2,807.3 281.9 10.0 54.5 1.8 VM Ireland 506.1 494.7 11.4 2.3 (2.0) (0.4) Central and Other 775.7 959.9 (184.2) (19.2) (135.5) (14.1) Intersegment eliminations (260.0) (247.1) (12.9) N.M.
Added
Our board of directors has approved a new share repurchase program for 2025 pursuant to which we are authorized to repurchase up to 10% of our outstanding shares as of December 31, 2024 . The following table provides a summary of our share repurchases during 2024.
Removed
(12.9) N.M. Total $ 7,491.4 $ 7,195.7 $ 295.7 4.1 $ (106.0) (1.4) VMO2 JV $ 13,574.1 $ 12,857.2 $ 716.9 5.6 VodafoneZiggo JV $ 4,450.5 $ 4,284.6 $ 165.9 3.9 _______________ N.M. — Not Meaningful.
Added
Title of shares Number of shares Average price paid per share (1) Aggregate purchase price (1) in millions Class A common shares — $ — $ — Class C common shares 38,260,604 $ 17.73 678.5 Total $ 678.5 _______________ (1) Amounts include direct acquisition costs.
Removed
(a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as further described in note 19 to our consolidated financial statements. II-8 Sunrise.
Added
For a further description of our share repurchases, see note 14 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K. Forward Looking Statements Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Removed
The details of the increase in Sunrise’s revenue during 2023, as compared to 2022, are set forth below: Subscription revenue Non-subscription revenue Total in millions Decrease in residential fixed subscription revenue due to change in: Average number of customers $ (9.0) $ — $ (9.0) ARPU (37.4) — (37.4) Increase in residential fixed non-subscription revenue (a) — 29.1 29.1 Total increase (decrease) in residential fixed revenue (46.4) 29.1 (17.3) Increase (decrease) in residential mobile revenue (b) 23.4 (17.1) 6.3 Increase in B2B revenue 4.4 3.3 7.7 Decrease in other revenue — (6.8) (6.8) Total organic increase (decrease) (18.6) 8.5 (10.1) Impact of acquisitions 10.1 — 10.1 Impact of FX 142.8 56.7 199.5 Total $ 134.3 $ 65.2 $ 199.5 _______________ (a) The increase in residential fixed non-subscription revenue is primarily attributable to higher revenue from equipment sales.
Added
To the extent that statements in this Annual Report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Item 1. Business , Item 1A. Risk Factors , Item 2.
Removed
(b) The increase in residential mobile subscription revenue is primarily due to an increase in the average number of mobile subscribers. The decrease in residential mobile non-subscription revenue is primarily attributable to lower interconnect revenue. II-9 Telenet.
Added
Quantitative and Qualitative Disclosures About Market Risk may contain forward-looking statements, including statements regarding our business, product, foreign currency, hedging and finance strategies, our property and equipment additions, subscriber growth and retention rates, competitive, regulatory and economic factors, the timing and impacts of proposed transactions, the maturity of our markets, the potential impact of large-scale health crises on our company, the anticipated impacts of new legislation (or changes to existing rules and regulations), anticipated changes in our revenue, costs or growth rates, our liquidity, credit risks, foreign currency risks, interest rate risks, target leverage levels, debt covenants, our future projected contractual commitments and cash flows, our share repurchase programs and other information and statements that are not historical fact.
Removed
The details of the increase in Telenet’s revenue during 2023, as compared to 2022, are set forth below: Subscription revenue Non-subscription revenue Total in millions Increase (decrease) in residential fixed subscription revenue due to change in: Average number of customers $ (35.7) $ — $ (35.7) ARPU 44.3 — 44.3 Decrease in residential fixed non-subscription revenue — (9.2) (9.2) Total increase (decrease) in residential fixed revenue 8.6 (9.2) (0.6) Increase in residential mobile revenue (a) 16.4 0.7 17.1 Increase in B2B revenue (b) 21.4 13.6 35.0 Increase in other revenue — 3.0 3.0 Total organic increase 46.4 8.1 54.5 Impact of acquisitions 24.1 122.6 146.7 Impact of dispositions (0.1) (1.5) (1.6) Impact of FX 57.8 24.5 82.3 Total $ 128.2 $ 153.7 $ 281.9 _______________ (a) The increase in residential mobile subscription revenue is primarily attributable to higher ARPU.
Added
Where, in any forward-looking statement, we express an I-3 expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished.
Removed
(b) The increase in B2B subscription revenue is primarily due to an increase in the average number of customers. The increase in B2B non-subscription revenue is primarily attributable to higher revenue from wholesale services.
Added
In evaluating these statements, you should consider the risks and uncertainties discussed under Item 1A. Risk Factors and
Removed
For information concerning certain regulatory developments that could have an adverse impact on our revenue at Telenet, see Legal and Regulatory Proceedings and Other Contingencies — Belgium Regulatory Developments in note 18 to our consolidated financial statements. VM Ireland.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

102 edited+7 added−7 removed151 unchanged
Biggest changeAs a result of unfavorable geopolitical conditions in 2023, credit markets were not offering attractive terms for issuance and thus we did not complete any refinancing transactions on our consolidated businesses. No assurance can be given that we will be able to complete these refinancing transactions or otherwise extend our debt maturities.
Biggest changeHowever, as the amount of debt that is maturing increases in later years, we anticipate that we will seek to refinance or otherwise extend our debt maturities. As a result of unfavorable geopolitical conditions in 2024, credit markets were not offering attractive terms for issuance and thus we did not complete any refinancing transactions on our consolidated businesses.
The risk factors described in this section have been separated into four groups: • risks that relate to the competition we or our affiliates face and the technology used in our businesses; • risks that relate to operating in overseas markets and being subject to foreign regulation; • risks that relate to certain financial matters; and • other risks, including risks that, among other things, relate to the obstacles that may be faced by anyone who may seek to acquire us.
The risk factors described in this section have been separated into four groups: • risks that relate to the competition we or our affiliates face and the technology used in our businesses; • risks that relate to certain financial matters; • risks that relate to operating in overseas markets and being subject to foreign regulation; and • other risks, including risks that, among other things, relate to the obstacles that may be faced by anyone who may seek to acquire us.
Pursuant to the Economic Substance Act 2018 of Bermuda, as amended (the ES Act ), a registered entity, other than an entity which is resident for tax purposes in certain jurisdictions outside Bermuda that carries on as a business any one or more of the “relevant activities” referred to in the ES Act, must comply with economic substance requirements.
Pursuant to the Economic Substance Act 2018 of Bermuda, as amended (the ES Act ), a registered entity, other than an entity which is a resident for tax purposes in certain jurisdictions outside Bermuda that carries on as a business any one or more of the “relevant activities” referred to in the ES Act, must comply with economic substance requirements.
The list of “relevant activities” includes carrying on any one or more of banking, insurance, fund management, financing, leasing, headquarters, shipping, distribution and service center, intellectual property and holding entities.
The list of “relevant activities” includes carrying on any one or more of banking, insurance, fund management, financing, leasing, headquarters, shipping, distribution and service center and intellectual property holding entities.
In considering these factors and others, it is possible that taxing authorities of the jurisdictions we operate in and taxing authorities of other different jurisdictions may claim that we are a tax resident of such other countries, which could result in additional operational and financial complications for us.
In considering these factors and others, it is possible that taxing authorities of the jurisdictions in which we operate and taxing authorities of other different jurisdictions may claim that we are a tax resident of such other countries, which could result in additional operational and financial complications for us.
As a result of restrictions contained in these debt instruments, the companies party thereto, and their subsidiaries, could be unable to obtain additional capital in the future to: • fund property and equipment additions or acquisitions that could improve their value; • meet their loan and capital commitments to their business affiliates; • invest in companies in which they would otherwise invest; • fund any operating losses or future development of their business affiliates; • obtain lower borrowing costs that are available from secured lenders or engage in advantageous transactions that monetize their assets; or • conduct other necessary or prudent corporate activities.
As a result of the restrictions contained in these debt instruments, the companies party thereto, and their subsidiaries, could be unable to obtain additional capital in the future to: • fund property and equipment additions or acquisitions that could improve their value; • meet their loan and capital commitments to their business affiliates; • invest in companies in which they would otherwise invest; • fund any operating losses or future development of their business affiliates; • obtain lower borrowing costs that are available from secured lenders or engage in advantageous transactions that monetize their assets; or • conduct other necessary or prudent corporate activities.
We have not historically paid dividends on any class of of our common shares, however, we have the right to pay dividends, effect securities distributions or make bonus issues on Liberty Global shares. The loss of certain key personnel could harm our business.
We have not historically paid dividends on any class of our common shares, however, we have the right to pay dividends, effect securities distributions or make bonus issues on Liberty Global shares. The loss of certain key personnel could harm our business.
For example, a sustained period of weakness in the British pound sterling or the euro could have an adverse impact on our liquidity, including our ability to fund repurchases of our equity securities and other U.S. dollar-denominated liquidity requirements; • shortages of labor necessary to conduct our business; • disruption to our U.K. supply chain and related increased cost of supplies; • a weakened U.K. economy resulting in decreased consumer demand for our products and services in the U.K.; • legal uncertainty, increased compliance costs and potentially divergent national laws and regulations as the U.K. determines which E.U. laws and directives to replace or replicate, or where previously implemented by enactment of U.K. laws or regulations, to retain, amend or repeal; and • various geopolitical forces may impact the global economy and our business, including, for example, other E.U.
For example, a sustained period of weakness in the British pound sterling or the euro could have an adverse impact on our liquidity, including our ability to fund repurchases of our equity securities and other U.S. dollar-denominated liquidity requirements; • shortages of labor necessary to conduct our business; • disruption to our U.K. supply chain and related increased cost of supplies; • a weakened U.K. economy resulting in decreased consumer demand for our products and services in the U.K.; • legal uncertainty, increased compliance costs and potentially divergent national laws and regulations, as the U.K. determines which E.U. laws and directives to replace or replicate, or where previously implemented by enactment of U.K. laws or regulations, to retain, amend or repeal; and • various geopolitical forces that may impact the global economy and our business, including, for example, other E.U.
These provisions include the following: I-41 • authorizing a capital structure with multiple classes of common shares, a Class B share class that entitles the holders to 10 votes per share, a Class A share class that entitles the holders to one vote per share and a Class C share class that, except as otherwise required by applicable law, entitles the holders to no voting rights; • classifying our board of directors with staggered three-year terms, which may lengthen the time required to gain control of our board of directors; • prohibiting shareholder action by written resolution, thereby requiring all shareholder actions to be taken at a meeting of the shareholders; • establishing advance notice requirements for nominations of director candidates or for proposing matters that can be acted upon by shareholders at shareholder meetings; • requiring supermajority shareholder approval with respect to certain extraordinary matters, such as certain mergers, amalgamations or consolidations of the company, or in the case of certain amendments to our bye-laws; and • the existence of authorized and unissued shares which would allow our board to issue shares to persons friendly to current management, thereby protecting the continuity of its management, or which could be used to dilute the share ownership of persons seeking to obtain control of us.
These provisions include the following: • authorizing a capital structure with multiple classes of common shares, a Class B share class that entitles the holders to 10 votes per share, a Class A share class that entitles the holders to one vote per share and a Class C share class that, except as otherwise required by applicable law, entitles the holders to no voting rights; • classifying our board of directors with staggered three-year terms, which may lengthen the time required to gain control of our board of directors; • prohibiting shareholder action by written resolution, thereby requiring all shareholder actions to be taken at a meeting of the shareholders; • establishing advance notice requirements for nominations of director candidates or for proposing matters that can be acted upon by shareholders at shareholder meetings; • requiring supermajority shareholder approval with respect to certain extraordinary matters, such as certain mergers, amalgamations or consolidations of the company, or in the case of certain amendments to our bye-laws; and • the existence of authorized and unissued shares which would allow our board to issue shares to persons friendly to current management, thereby protecting the continuity of its management, or which could be used to dilute the share ownership of persons seeking to obtain control of us.
In the provision of video services, we face competition from FTA and digital terrestrial television ( DTT ) broadcasters, video provided via satellite platforms, networks using DSL, VDSL or vectoring technology, multi-channel multi-point distribution system operators, FTTx networks, OTT video service providers and, in some countries where parts of our systems are overbuilt, cable networks, among others.
In the provision of video services, we face competition from FTA and digital terrestrial television ( DTT ) broadcasters, video provided via satellite platforms, networks using DSL, VDSL or vectoring technology, multi-channel multi-point distribution system operators, FTTx network operators, OTT video service providers and, in some countries where parts of our systems are overbuilt, cable networks, among others.
In many countries, we also compete with other operators using local loop unbundling to provide these services, other facilities-based operators and wireless providers. Developments in DSL as well as investments into FTTx technology by the incumbent telecommunications operators and alternative providers have improved the attractiveness of our competitors’ products and services and strengthened their competitive position.
In many countries, we also compete with operators using local loop unbundling to provide these services, other facilities-based operators and wireless providers. Developments in DSL as well as investments in FTTx technology by the incumbent telecommunications operators and alternative providers have improved the attractiveness of our competitors’ products and services and strengthened their competitive position.
We share ownership and management of these joint venture with one or more parties who may or may not have the same goals, strategies, priorities or resources as we do. In general, joint ventures are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit.
We share ownership and management of these joint ventures with one or more parties who may or may not have the same goals, strategies, priorities or resources as we do. In general, joint ventures are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit.
Legal challenges could be made against our use of our or our licensed intellectual property rights (such as trademarks, patents and trade secrets) and we may be required to enter into licensing arrangements on unfavorable terms, incur monetary damages or be enjoined from use of the intellectual property rights in question.
Legal challenges could be made against our use of our or our licensed intellectual property rights (such as trademarks, copyright patents and trade secrets) and we may be required to enter into licensing arrangements on unfavorable terms, incur monetary damages or be enjoined from use of the intellectual property rights in question.
If we are unable to obtain or retain attractively priced, competitive content, demand for our existing and future video services could decrease, thereby limiting our ability to attract new customers, maintain existing customers and/or migrate customers from lower-tier programming to higher-tier programming, thereby inhibiting our ability to execute our business plans.
If we are unable to obtain or retain attractively priced, competitive content, demand for our existing and future video services could decrease, thereby limiting our ability to attract new customers, retain existing customers and/or migrate customers from lower-tier programming to higher-tier programming, thereby inhibiting our ability to execute our business plans.
This is particularly the case with respect to any proposed business combinations, which often require clearance from the European Commission or national competition authorities, which can block, impose conditions on or delay an acquisition, thus possibly hampering our opportunities for growth.
This is particularly the case with respect to any proposed business combinations that often require clearance from the European Commission or national competition authorities, which can block, impose conditions on or delay an acquisition, thus possibly hampering our opportunities for growth.
There have been significant changes in the benchmark interest rates used to set floating rates on our debt and derivative instruments. ICE Benchmark Administration (the entity that administers LIBOR) ceased to publish CHF and GBP LIBOR rates after December 31, 2021, and it ceased to publish USD LIBOR rates after June 30, 2023.
There have been significant changes in the benchmark interest rates used to set floating rates on our debt and derivative instruments. ICE Benchmark Administration (the entity that administers LIBOR) ceased to publish GBP LIBOR rates after December 31, 2021, and it ceased to publish USD LIBOR rates after June 30, 2023.
In addition, as discussed further below, the security measures and procedures we and our third-party service providers have in place to protect personal data and other information may not be sufficient to counter all data security breaches, cyber-attacks or system failures.
In addition, as discussed further below, the security measures and procedures that we and our third-party service providers have in place to protect personal data and other information may not be sufficient to counter all data security breaches, cyber-attacks or system failures.
Also, if demand exceeds the suppliers’ and licensors’ capacity or if they experience financial difficulties, the ability of our businesses to provide some services may be materially adversely affected, which in turn could affect our businesses’ ability to attract and retain customers.
Also, if demand exceeds the suppliers’ and licensors’ capacity or if they experience financial or operational difficulties, the ability of our businesses to provide some services may be materially adversely affected, which in turn could affect our businesses’ ability to attract and retain customers.
We are exposed to foreign currency exchange rate risk. We are exposed to foreign currency exchange rate risk with respect to our consolidated debt in situations where our debt is denominated in a currency other than the functional currency of the operations or assets whose cash flows support our ability to repay or refinance such debt.
We are exposed to foreign currency exchange rate risk with respect to our debt in situations where our debt is denominated in a currency other than the functional currency of the operations or assets whose cash flows support our ability to repay or refinance such debt.
The difficulties of combining the operations of the companies include, among others: • diversion of management attention to integration matters; • difficulties in integrating operations and systems, including intellectual property and communications systems, administrative and information technology infrastructure, and supplier and vendor arrangements; • challenges in conforming standards, controls, procedures and accounting and other policies; • alignment of key performance measurements may result in a greater need to communicate and manage clear expectations while we work to integrate and align policies and practices; • difficulties in integrating employees; • the transition of management to the combined company management team, and the need to address possible differences in corporate cultures, management philosophies and compensation structures; • challenges in retaining existing customers and obtaining new customers; • compliance with government regulations; • known or potential unknown liabilities of the acquired businesses that are larger than expected; and • other potential adverse consequences and unforeseen increased expenses or liabilities associated with the applicable transaction.
The difficulties of combining the operations of the companies include, among others: • diversion of management attention to integration matters; • difficulties in integrating operations and systems, including intellectual property and communications systems, administrative and information technology infrastructure, and supplier and vendor arrangements; • challenges in conforming standards, controls, procedures and accounting and other policies; • alignment of key performance measurements may result in a greater need to communicate and manage clear expectations while we work to integrate and align policies and practices; • difficulties in integrating employees; • the transition of management to the combined company management team, and the need to address possible differences in corporate cultures, management philosophies and compensation structures; • challenges in retaining existing customers and obtaining new customers; • compliance with government regulations; • known or unknown liabilities of the acquired businesses that are larger than expected; and • other potential adverse consequences and unanticipated expenses or liabilities associated with the applicable transaction.
Our businesses are subject to the unique regulatory regimes of the countries in which they operate. Broadband internet, video distribution, telephony and mobile services are subject to licensing or registration eligibility rules and regulations, which vary by country.
Our businesses are subject to the regulatory regimes of the countries in which they operate. Broadband internet, video distribution, telephony and mobile services are subject to licensing or registration eligibility rules and regulations, which vary by country.
Significant additions to our property and equipment are, or in the future may be, required to add customers to our networks and to upgrade or expand our broadband communications networks and upgrade CPE to enhance our service offerings and improve the customer experience.
Significant additions to our property and equipment are, or in the future may be, required to add or retain customers, upgrade or expand our broadband communications networks and to upgrade CPE to enhance our service offerings and improve the customer experience.
Our businesses operate almost exclusively in countries outside of the U.S. and are subject to the following inherent risks: • fluctuations in foreign currency exchange rates; • difficulties in staffing and managing international operations; • potentially adverse tax consequences; I-32 • export and import restrictions, custom duties, tariffs and other trade barriers; • increases in taxes and governmental fees; • economic and political instability; and • changes in foreign and domestic laws and policies that govern operations of foreign-based companies.
Our businesses operate almost exclusively in countries outside of the U.S. and are subject to the following inherent risks: • fluctuations in foreign currency exchange rates; • difficulties in staffing and managing international operations; • potentially adverse tax consequences; • export and import restrictions, custom duties, tariffs and other trade barriers; • increases in taxes and governmental fees; • economic and political instability; and • changes in foreign and domestic laws and policies that govern operations of foreign-based companies.
Our and our third-party service providers’ systems and equipment (including our routers and set-top boxes) are vulnerable to damage or security breach from a variety of sources, including telecommunications failures, power loss (such as I-31 blackouts or brownouts), malicious human acts, security flaws and natural disaster or extreme weather events (including heatwaves, large storms and floods, whether or not arising from short-term or long-term changes in weather patterns).
Our and our third-party service providers’ systems and equipment (including our routers and set-top boxes) are I-30 vulnerable to damage or security breach from a variety of sources, including telecommunications failures, power loss (such as blackouts or brownouts), malicious human acts, security flaws and natural disaster or extreme weather events (including heatwaves, large storms and floods, whether or not arising from short-term or long-term changes in weather patterns).
These restrictions will affect, and in some cases significantly limit or prohibit, among other things, the ability of those subsidiaries and joint ventures to: I-38 • incur or guarantee additional indebtedness; • pay dividends or make other upstream distributions; • make investments; • transfer, sell or dispose of certain assets, including subsidiary stock; • merge or consolidate with other entities; • engage in transactions with us or other affiliates; or • create liens on their assets.
These restrictions will affect, and in some cases significantly limit or prohibit, among other things, the ability of those subsidiaries and joint ventures to: • incur or guarantee additional indebtedness; • pay dividends or make other upstream distributions; • make investments; • transfer, sell or dispose of certain assets, including subsidiary stock; • merge or consolidate with other entities; • engage in transactions with us or other affiliates; or • create liens on their assets.
As a result, we may not be able to obtain the equipment, software and services required for our businesses on a timely basis or on satisfactory terms.
As a result, we may not be able to obtain or update the equipment, software and services required for our businesses on a timely basis or on satisfactory terms.
We are subject to income taxes as well as non-income based taxes, such as value-added taxes ( VAT ) in the U.K., the U.S. and many other jurisdictions around the world.
We are subject to income taxes as well as non-income based taxes, such as value-added taxes ( VAT ) in the U.K., Bermuda, the U.S. and many other jurisdictions around the world.
We are also exposed to unfavorable and potentially volatile fluctuations of the U.S. dollar (our reporting currency) against the currencies of our operating subsidiaries when their respective financial statements are translated into U.S. dollars for I-33 inclusion in our consolidated financial statements. Cumulative translation adjustments are recorded in accumulated other comprehensive earnings or loss as a separate component of equity.
We are also exposed to unfavorable and potentially volatile fluctuations of the U.S. dollar (our reporting currency) against the currencies of our operating subsidiaries when their respective financial statements are translated into U.S. dollars for inclusion in our consolidated financial statements. Cumulative translation adjustments are recorded in accumulated other comprehensive earnings or loss as a separate component of equity.
In addition, even if the integration is successful, the full benefits of our acquisitions and partnerships including, among I-36 others, the synergies, cost savings or sales or growth opportunities may not be realized. As a result, it cannot be assured that we will realize the full benefits expected from such transactions within the anticipated time frames or at all.
In addition, even if the integration is successful, the full benefits of our acquisitions and partnerships including, among others, the synergies, cost savings or sales or growth opportunities may not be realized. As a result, it cannot be assured that we will realize the full benefits expected from such transactions within the anticipated time frames or at all.
We rely on third-party vendors for the equipment, software and services that we require in order to provide services to our customers. Our suppliers often conduct business worldwide and their ability to meet our needs is subject to various risks, including political and economic instability, natural calamities, interruptions in transportation or supply chain systems, terrorism and labor issues.
We rely on third-party vendors for the equipment, software and services that we require in order to provide services to our customers. Our suppliers often conduct business worldwide and their ability to meet our needs is subject to various risks, including political and economic instability, natural calamities, interruptions in transportation or supply chain systems, terrorism, armed conflict and labor issues.
If we cannot acquire needed spectrum, if competitors acquire spectrum that allows them to provide competitive services or if we cannot deploy services over acquired spectrum on a timely basis without burdensome conditions, at reasonable costs, or while maintaining network quality levels, our ability to attract and retain customers and our business, financial condition and operating results could be materially adversely affected.
If we cannot acquire sufficient spectrum, if competitors acquire spectrum that allows them to provide competitive services or if we cannot deploy our services over acquired spectrum on a timely basis, without burdensome conditions, at reasonable costs or while maintaining network quality levels, our ability to attract and retain customers and our business, financial condition and operating results could be materially adversely affected.
In addition, because these subsidiaries are separate and distinct legal entities they have no obligation to provide us funds for payment obligations, whether by dividends, distributions, loans or other payments. We are exposed to the risk of default by the counterparties to our cash and short-term investments, derivative and other financial instruments and undrawn debt facilities.
In addition, because these subsidiaries and joint ventures are separate and distinct legal entities they have no obligation to provide us funds for payment obligations, whether by dividends, distributions, loans or other payments. We are exposed to the risk of default by the counterparties to our cash and short-term investments, derivative and other financial instruments and undrawn debt facilities.
Additions to our property and equipment require significant capital expenditures for equipment and associated labor costs to build out and/or upgrade our networks, as well as for related CPE.
Additions to our property and equipment require significant capital expenditures for materials and associated labor costs to build out and/or upgrade our networks, as well as for related CPE.
In these cases, our policy is to provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At December 31, 2023, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations.
In these cases, our policy is to provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At December 31, 2024, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations.
Significant changes to the existing regulatory regimes applicable to the provision of internet, video, telephony and mobile services have been and are still being introduced. For example, in the E.U., the Code is the primary source of communications regulation affecting our E.U. businesses, including access, user and privacy rights, video must-carry services and our competitive activities.
Significant changes to the existing regulatory regimes applicable to the provision of broadband, video, telephony and mobile services have been and are still being introduced. For example, in the E.U., the Code is the primary source of communications regulation affecting our E.U. businesses, including access, user and privacy rights, video must-carry services and our competitive activities.
Any terrorist attacks or incidents prompted by political unrest, particularly in markets that we serve, and the national and global military, diplomatic and financial response to such attacks or other threats, also may adversely affect our revenue and results of operations. Item 1B. UNRESOLVED STAFF COMMENTS None.
Any terrorist attacks or incidents prompted by political unrest, particularly in markets that we serve, and the national and global militaristic, diplomatic and financial response to such attacks or other threats also may adversely affect our revenue and results of operations. Item 1B. UNRESOLVED STAFF COMMENTS None.
Increased competition could result in increased customer churn, reductions of customer acquisition rates for some products and services and significant price and promotional competition in our markets.
Increased competition could result in increased customer churn, reductions in customer acquisition rates for some products and services and significant price and promotional competition in our markets.
In light of the significant exposure that we have to the euro through our euro-denominated borrowings, derivative instruments, cash balances and cash flows, a redenomination event could have a material adverse impact on our company. We may not freely access the cash of our operating companies. Our operations are conducted through our subsidiaries.
In light of the significant exposure that we have to the euro through our euro-denominated borrowings, derivative instruments, cash balances and cash flows, a redenomination event could have a material adverse impact on our company. We may not freely access the cash of our operating companies. Our operations are conducted through our subsidiaries and joint ventures.
Developments in wireless technologies, such as 5G and FWA, are creating additional competitive challenges. In some of our markets, national and local government agencies may seek to become involved, either directly or indirectly, in the establishment of FTTx networks, DTT systems or other communications systems.
Developments in wireless technologies, such as 5G, satellite internet and FWA, are creating additional competitive challenges. In some of our markets, national and local government agencies may seek to become involved, either directly or indirectly, in the establishment of FTTx networks, DTT systems or other communications systems.
The ES Act may require in-scope Bermuda entities which are engaged in such “relevant activities” to be directed and managed in Bermuda have an adequate level of qualified employees in Bermuda, incur an adequate level of annual expenditure in Bermuda, maintain physical offices and premises in Bermuda or perform core income-generating activities in Bermuda.
The ES Act may require in-scope Bermuda entities that are engaged in such “relevant activities” to be directed and managed in Bermuda, have an adequate level of qualified employees in Bermuda, incur an adequate level of annual expenditure in Bermuda maintain physical offices and premises in Bermuda or perform core income-generating activities in Bermuda.
Suppliers, distributors and content and application providers may also delay or cease developing new products for us that are necessary for the operations of our business due to uncertainties or lack of available resources. Competitors may also target our existing customers by highlighting potential uncertainties and integration difficulties.
Suppliers, distributors and content and application providers may also delay or cease developing new products, or supporting legacy products, for us that are necessary for the operations of our business due to uncertainties or lack of available resources. Competitors may also target our existing customers by highlighting potential uncertainties and integration difficulties.
Our noncontrolling interests in the VodafoneZiggo JV and the VMO2 JV are held pursuant to shareholders’ agreements (each a Shareholders Agreement ), which provides the terms of the governance of the VodafoneZiggo JV and the VMO2 JV, as applicable, including among others, decision-making processes, information access, dividend policies and non-compete provisions.
Our noncontrolling interests in the VodafoneZiggo JV and the VMO2 JV are held pursuant to shareholders’ agreements (each a Shareholders Agreement ), which provide the terms of the governance of the VodafoneZiggo JV and the VMO2 JV, as applicable, including among others, decision-making processes, information access, dividend policies and non-compete provisions.
In addition, most of the credit agreements to which these subsidiaries and joint ventures are parties include financial covenants that require them, in certain circumstances, to maintain certain leverage ratios if the drawings under the applicable revolving credit facility exceed a certain percentage of the commitments under such revolving credit facility.
In addition, most of the credit agreements to which these subsidiaries and joint ventures are parties include financial covenants that require them, in certain circumstances, to maintain certain leverage ratios if the drawings under the applicable I-32 revolving credit facility exceed a certain percentage of the commitments under such revolving credit facility.
We are exposed to the risk of fluctuations in interest rates, primarily through the credit facilities of certain of our subsidiaries and joint ventures, which are indexed to EURIBOR, Secured Overnight Financing Rate ( SOFR ), Term Secured Overnight Financing Rate ( Term SOFR ), Sterling Overnight Index Average ( SONIA ), Swiss Average Rate Overnight ( SARON ) or other base rates.
We are exposed to the risk of fluctuations in interest rates, primarily through the credit facilities of certain of our subsidiaries and joint ventures, which are indexed to EURIBOR, the Secured Overnight Financing Rate ( SOFR ), the Term Secured Overnight Financing Rate ( Term SOFR ), the Sterling Overnight Index Average ( SONIA ) or other base rates.
Any increase (decrease) in the value of the U.S. dollar against any foreign currency that is the functional currency of one of our operating subsidiaries will cause us to experience unrealized foreign currency translation losses (gains) with respect to amounts already invested in such foreign currencies.
Any increase (decrease) in the value of the U.S. dollar against any foreign currency that is the functional currency of one of our operating subsidiaries will cause us to experience I-35 unrealized foreign currency translation losses (gains) with respect to amounts already invested in such foreign currencies.
Consequently, this waiver limits the right of shareholders to assert claims against our officers and directors unless the act or failure to act involves fraud or dishonesty. There are potential regulatory limitations on the ownership and transfer of our shares if the our shares are delisted from Nasdaq.
Consequently, this waiver limits the right of shareholders to assert claims against our officers and directors unless the act or failure to act involves fraud or dishonesty. I-41 There are potential regulatory limitations on the ownership and transfer of our shares if our shares are delisted from Nasdaq.
In the event conditions are imposed and we fail to meet them in a timely manner, the relevant authority or governments may impose fines and, if in connection with a transaction, may require restorative measures, such as a disposition of assets or divestiture of operations.
In the event conditions are imposed and we fail to meet them in a timely manner, the relevant authority or governments may impose fines and, if in connection with a transaction, may require restorative measures, such as a disposition of certain assets or operations.
Our ability to realize the anticipated benefits of our acquisitions and joint ventures will depend, to a large extent, on our ability to integrate our businesses and the acquired or joint venture company’s business in a manner that facilitates growth opportunities and achieves the projected cost savings.
Our ability to realize the anticipated benefits of our acquisitions I-37 and joint ventures will depend, to a large extent, on our ability to integrate our businesses and the acquired or joint venture company’s business in a manner that facilitates growth opportunities and achieves the projected cost savings.
Our interests in the VodafoneZiggo JV and the VMO2 JV are held pursuant to Shareholders Agreements that contain provisions relating to governance as well as transfer and exit rights, which, depending on the circumstances, may not be in the best interest of our company.
Our interests in the VodafoneZiggo JV and the VMO2 JV are held pursuant to Shareholders’ Agreements that contain provisions relating to governance as well as transfer and exit rights, which, depending on the circumstances, may not be in the best interest of our company.
From time to time, we also receive (a) proceeds in the form of distributions or loan repayments from our subsidiaries or affiliates, (b) proceeds upon the disposition of investments and other assets and (c) proceeds in connection with the incurrence of debt or the issuance of equity securities.
From time to time, we also receive (a) proceeds in the form of distributions or loan repayments from our subsidiaries, joint ventures or affiliates, (b) proceeds upon the disposition of investments and other assets and (c) proceeds in connection with the incurrence of debt or the issuance of equity securities.
I-35 The expected synergies and benefits from our acquisitions and joint ventures may not be realized in the amounts anticipated or may not be realized within the expected time frame, and risks associated with the foregoing may also result from the extended delay in the integration of the companies.
The expected synergies and benefits from our acquisitions and joint ventures may not be realized in the amounts anticipated or may not be realized within the expected time frame, and risks associated with the foregoing may also result from the extended delay in the integration of the companies.
Businesses, including ours, that offer multiple services, such as video distribution as well as internet, telephony, and/or mobile services, or that are vertically integrated and offer both video distribution and programming content, often face close regulatory scrutiny from competition authorities.
Businesses, including ours, that offer multiple services, such as video distribution as well as broadband, telephony, and/or mobile services, or that are vertically integrated and offer both video distribution and programming content, often face close regulatory scrutiny from competition authorities.
Most of our operating subsidiaries are subject to credit agreements or indentures that restrict sales of assets and prohibit or limit the payment of dividends or the making of distributions, loans or advances to shareholders and partners, including us.
Most of our operating subsidiaries and joint ventures are subject to credit agreements or indentures that restrict sales of assets and prohibit or limit the payment of dividends or the making of distributions, loans or advances to shareholders and partners, including us.
In combination with difficult economic environments, these competitive pressures could adversely impact our ability to increase or, in certain cases, maintain the revenue, average revenue per RGU or mobile subscriber, as applicable ( ARPU ), RGUs, mobile subscribers, Adjusted EBITDA (as defined in note 19 to our consolidated financial I-29 statements included in Part II of this Annual Report on Form 10-K), Adjusted EBITDA margins, liquidity and other financial and operational metrics of our operating segments.
In combination with difficult economic environments, these competitive pressures could adversely impact our ability to increase or maintain the revenue, average revenue per RGU or mobile subscriber, as applicable ( ARPU ), RGUs, mobile subscribers, Adjusted EBITDA (as defined in note 19 to our consolidated financial statements included in Part II I-28 of this Annual Report on Form 10-K), Adjusted EBITDA margins, liquidity and other financial and operational metrics of our operating segments.
Certain operations are conducted by joint ventures that we cannot operate solely for our benefit . Certain of our operations, particularly the VMO2 JV in the U.K. and the VodafoneZiggo JV in the Netherlands, are conducted through joint ventures or partnerships.
I-38 Certain operations are conducted by joint ventures that we cannot operate solely for our benefit . Certain of our operations, particularly the VMO2 JV in the U.K. and the VodafoneZiggo JV in the Netherlands, are conducted through joint ventures or partnerships.
Our inability to take unilateral action that we believe is in our best interests may have an adverse effect on the financials or performance of the joint venture and the return on our investment.
Our inability to take unilateral action that we believe is in our best interest may have an adverse effect on the financials or performance of the joint venture and the return on our investment.
Furthermore, we may be placed at a competitive disadvantage if certain of our competitors obtain exclusive programming rights, particularly with respect to popular sports and movie programming. I-30 We depend on third-party suppliers and licensors to supply necessary equipment, software and certain services required for our businesses.
Furthermore, we may be placed at a competitive disadvantage if certain of our competitors obtain exclusive programming rights, particularly with respect to popular sports and movie programming. I-29 We depend on third-party suppliers and licensors to supply and support necessary equipment, software and certain services required for our businesses.
We are also exposed to foreign currency exchange rate risk with respect to our cash and cash equivalents and investments held under separately-managed accounts ( SMAs ). A substantial portion of our cash and cash equivalents is held in U.S. dollars, but we hold balances in other currencies reflecting the operational and strategic needs of the company.
We are also exposed to foreign currency exchange rate risk with respect to our cash and cash equivalents and investments held under SMAs. A substantial portion of our cash and cash equivalents is held in U.S. dollars, but we hold balances in other currencies reflecting the operational and strategic needs of the company.
I-37 The “Virgin” brand is used by certain of our consolidated subsidiaries and nonconsolidated joint ventures under licenses from Virgin Enterprises Limited and is not under the control of such subsidiaries.
The “Virgin” brand is used by certain of our consolidated subsidiaries and nonconsolidated joint ventures under licenses from Virgin Enterprises Limited and is not under the control of such subsidiaries.
The current macroeconomic environment is highly volatile, with continued instability in global markets, including ongoing trade negotiations, uncertainty over inflation, energy price fluctuations, rising interest rates, continued escalation in geopolitical tensions and global recession fears having all contributed to a challenging global economic environment.
The current macroeconomic environment is highly volatile, with continued instability in global markets, including ongoing trade negotiations, uncertainty over inflation and interest rates, energy price fluctuations, continued escalation in geopolitical tensions having all contributed to a challenging global economic environment.
In some cases, mitigation efforts may depend on third parties who may not deliver products or services that meet the required contractual standards or whose hardware, software or network services may be subject to error, defect, delay or outage. Through our operations, sales and marketing activities, we collect and store certain personal information related to our customers.
In some cases, mitigation efforts may depend on third parties who may not deliver products or services that meet the required contractual standards or whose hardware, software or network services may be subject to error, defect, delay or outage. Through our operations, sales and marketing activities, we collect and store certain customer information.
The ability of our operating subsidiaries to pay dividends or to make other payments or advances to us depends on their I-40 individual operating results and any statutory, regulatory or contractual restrictions to which they may be or may become subject and in some cases our receipt of such payments or advances may be limited due to tax considerations or the presence of noncontrolling interests.
The ability of our operating subsidiaries and joint ventures to pay dividends or to make other payments or advances to us depends on their individual operating results and any statutory, regulatory or contractual restrictions to which they may be or may become subject and in some cases our receipt of such payments or advances may be limited due to tax considerations or the presence of noncontrolling interests.
New and existing legislation, and interpretations thereof, may significantly alter the regulatory regimes applicable to us, which could adversely affect our competitive position and profitability, and we may become subject to more extensive regulation, particularly if we are deemed to possess significant market power in any of the markets in which we operate.
New and existing legislation, and interpretations thereof, may significantly alter the regulatory regimes applicable to us, which could adversely affect our competitive position and profitability, and we may become subject to more extensive regulation, particularly if we are deemed to possess SMP in any of the markets in which we operate.
Because Dr. Malone beneficially owns 30.65% of our aggregate voting power, he has the ability to prevent the requisite approval threshold from being met even though the other shareholders may determine that such action or transaction is beneficial for the company. Dr.
Because Dr. I-40 Malone beneficially owns 30.52% of our aggregate voting power, he has the ability to prevent the requisite approval threshold from being met even though the other shareholders may determine that such action or transaction is beneficial for the company. Dr.
We cannot assure you that any of these subsidiaries or joint ventures will have sufficient assets to repay indebtedness outstanding under their credit agreements and indentures. Any refinancing of this indebtedness is likely to contain similar restrictive covenants. We are exposed to interest rate risks.
We cannot be certain that any of these subsidiaries or joint ventures will have sufficient assets to repay indebtedness outstanding under their credit agreements and indentures. Any refinancing of this indebtedness is likely to contain similar restrictive covenants. We are exposed to interest rate risks.
Adverse changes in rules and regulations could: • impair our ability to use our networks in ways that would generate maximum revenue and Adjusted EBITDA; • create a shortage of capacity on our networks, which could limit the types and variety of services we seek to provide our customers; • impact our ability to access spectrum for our mobile services; • strengthen our competitors by granting them access and lowering their costs to enter into our markets; and • significantly and adversely impact our results of operations.
Adverse changes in rules and regulations could: • impair our ability to use our networks in ways that would generate optimal financial results; • create a shortage of capacity on our networks, which could limit the types and variety of services we seek to provide our customers; • impact our ability to access spectrum for our mobile services; • strengthen our competitors by granting them access and lowering their costs to enter into our markets; and • significantly and adversely impact our results of operations.
The continued interest in, and acquisition of, spectrum by existing carriers and others may reduce our ability to acquire, and increase the acquisition cost of, spectrum in the secondary market or negatively impact our ability to gain access to spectrum through other means, including government auctions.
The continued interest in, and acquisition of, spectrum by existing carriers and other commercial and governmental entities may reduce our ability to acquire, and increase the acquisition cost of, spectrum in the secondary market or negatively impact our ability to gain access to spectrum through other means, including government auctions.
Political unrest and global conflicts like the ongoing conflict between Russia and Ukraine and the Israeli-Palestinian conflict have disrupted, and in the future may further continue to disrupt, global supply chains and heighten volatility and disruption of global financial markets.
Political unrest and global conflicts like the ongoing conflict between Russia and Ukraine and the ongoing conflicts in the Middle East have disrupted, and in the future may further continue to disrupt, global supply chains and heighten volatility and disruption of global financial markets.
Business - Regulatory Matters - Overview discussion above. Examples of the potential impact Brexit has had, and may continue to have, on our business, financial condition or results of operations include: • changes in foreign currency exchange rates and disruptions in the capital markets.
Examples of the potential impact Brexit has had, and may continue to have, on our business, financial condition or results of operations include: • changes in foreign currency exchange rates and disruptions in the capital markets.
We can give no assurance that any additional debt or equity financing will be available on terms that are as favorable as the terms of our existing debt, or at all. Further, our board of directors may approve a share repurchase program for Liberty Global in 2024.
We can give no assurance that any additional debt or equity financing will be available on terms that are as favorable as the terms of our existing debt, or at all. Further, our board of directors has approved a share repurchase program for Liberty Global in 2025.
For example, high levels of sovereign debt in the U.S. and several countries in which we or our affiliates operate, combined with structural changes arising from the COVID-19 pandemic, could potentially lead to additional fiscal reforms (including austerity measures), tax increases, sovereign debt restructurings, high corporate default rates, currency instability, increased counterparty credit risk, high levels of volatility and disruptions in the credit and equity markets, as well as other outcomes that might adversely impact our company.
For example, high levels of sovereign debt in the U.S. and several countries in which we or our affiliates operate could potentially lead to additional fiscal reforms (including austerity measures), tax increases, sovereign debt restructurings, high corporate default rates, currency instability, increased counterparty credit risk, high levels of volatility and disruptions in the credit and equity markets, as well as other outcomes that might adversely impact our company.
Some of these are managed, hosted, provided or used by third-party service providers or their vendors, to assist in conducting our business. In addition, the hardware supporting a large number of critical systems for our cable network in a particular country or geographic region is housed in a relatively small number of locations.
Some of these are managed, hosted, provided or used by third-party service providers or their vendors, to assist in conducting our business. In addition, the hardware supporting a large number of critical systems for our fixed network in a given country or geographic region may be housed in a relatively small number of locations.
We are also impacted by inflationary pressures, which remain elevated, in salaries, wages, benefits, regulatory, energy and other administrative costs in certain of our markets as a result of, among other things, the ongoing invasion of Ukraine by Russia and the Israeli-Palestinian conflict.
We are also impacted by inflationary pressures, which remain elevated, in salaries, wages, benefits, regulatory, energy and other administrative costs in certain of our markets as a result of, among other things, the ongoing invasion of Ukraine by Russia and the ongoing conflicts in the Middle East.
Malone beneficially owns outstanding common shares of Liberty Global representing 30.65% of our aggregate voting power as of February 13, 2024. By virtue of Dr. Malone’s voting power in our company, as well as his position as Chairman of our board of directors, Dr.
Malone beneficially owns outstanding common shares of Liberty Global representing 30.52% of our aggregate voting power as of February 16, 2025. By virtue of Dr. Malone’s voting power in our company, as well as his position as Chairman of our board of directors, Dr.
At December 31, 2023, the outstanding principal amount of our consolidated debt, together with our finance lease obligations aggregated $15.9 billion, including $0.8 billion that is classified as current on our consolidated balance sheet and $7.5 billion that is not due until 2029 or thereafter.
At December 31, 2024, the outstanding principal amount of our consolidated debt, together with our finance lease obligations, aggregated $9.2 billion, including $0.9 billion that is classified as current on our consolidated balance sheet and $2.4 billion that is not due until 2029 or thereafter.
In certain countries in which we operate, our ability to increase subscription rates is subject to regulatory controls. Also, our ability to increase subscription rates may be constrained by competitive pressures. Therefore, programming, inputs and operating costs may rise faster than associated revenue, resulting in a material negative impact on our cash flows and net earnings or loss.
Also, our ability to increase subscription rates may be constrained by competitive pressures. Therefore, programming, inputs and operating costs may rise faster than associated revenue, resulting in a material negative impact on our cash flows and net earnings or loss.
We expect to seek to continue improving our company through attractive acquisitions, dispositions, joint ventures, partnerships or other similar transactions in select markets, such as, the sale of UPC Poland in April 2022, the Telenet Tower Sale in June 2022 and the Telenet Takeover Bid in October 2023, as well as the formations of the VMO2 JV in June 2021, the AtlasEdge JV in September 2021 and the nexfibre JV in December 2022 and the creation of Wyre by Telenet and Fluvius in July 2023.
We expect that we will continue improving our company through attractive acquisitions, dispositions, joint ventures, partnerships or other similar transactions in select markets, such as, the sale of UPC Poland in April 2022, the Telenet Tower Sale in June 2022, the Telenet Takeover Bid in October 2023, the Spin-off of Sunrise in November 2024 and the purchase of a controlling interest in Formula E in October 2024, as well as the formations of the VMO2 JV in June 2021, the AtlasEdge JV in September 2021, the nexfibre JV in December 2022 and the creation of Wyre by Telenet and Fluvius in July 2023.
Countries in which we operate may adopt laws and regulations regarding electronic commerce, which could dampen the growth of the internet services being offered and developed by our businesses.
Countries in which we operate may adopt laws and regulations regarding electronic commerce or electromagnetic radiation mitigation measures, which could dampen the growth of the broadband or mobile services being offered and developed by our businesses.
We are exposed to sovereign debt and currency instability risks that could have an adverse impact on our liquidity, financial condition and cash flows. Our operations are subject to macroeconomic and political risks that are outside of our control.
We are currently unable to predict the extent of any of these potential adverse effects. I-33 We are exposed to sovereign debt and currency instability risks that could have an adverse impact on our liquidity, financial condition and cash flows. Our operations are subject to macroeconomic and political risks that are outside of our control.
In addition, we anticipate that most companies acquired by us will be located outside the U.S. Foreign companies may not have disclosure controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by U.S. securities laws and applicable accounting rules.
Foreign companies may not have disclosure controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by U.S. securities laws and applicable accounting rules.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur CSO has been with the company or its subsidiaries for over five years. Cybersecurity incidents detected by Liberty Global’s cybersecurity team are evaluated internally based on their severity, with more serious incidents being escalated, as appropriate, to the highest levels of management, including the company’s CTO, General Counsel, and, ultimately, its CEO.
Biggest changeOur CSO has been with the company or its subsidiaries for over five years. I-42 Cybersecurity incidents detected by our cybersecurity team are evaluated internally based on their severity, with more serious incidents being escalated, as appropriate, to the highest levels of management, including our CTO, General Counsel and, ultimately, our CEO.
These members of the company’s executive leadership team are provided with details of the type and severity of the attack, the company’s planned response to the incident and are briefed on what information was accessed and the impact such incident has had or is expected to have on the company’s operations, as well as any financial or regulatory implications resulting from the incident.
These members of our executive leadership team are provided with details of the type and severity of the attack, the company’s planned response to the incident and are briefed on what information was accessed and the impact such incident has had or is expected to have on our operations, as well as any financial or regulatory implications resulting from the incident.
Our CEO, CTO, CSO and General Counsel will also provide ad hoc updates to the Audit Committee and full board of directors, as appropriate, in the case of a material cybersecurity incident, providing them a full briefing of the type and scope of the incident as well as the company’s current and planned mitigation efforts.
Our CEO, CTO, CSO and General Counsel will also provide ad hoc updates to the Audit Committee and full board of directors, as appropriate, in the case of a material cybersecurity incident, providing them a full briefing of the type and scope of the incident as well as our current and planned mitigation efforts.
Liberty Global’s Chief Security Officer ( CSO ), who reports directly to Liberty Global’s Chief Technology Officer ( CTO ), leads a dedicated cybersecurity team and is responsible for the design, implementation and execution of our cyber-risk management strategy.
Our Chief Security Officer ( CSO ), who reports directly to our Chief Technology Officer ( CTO ), leads a dedicated cybersecurity team and is responsible for the design, implementation and execution of our cyber-risk management strategy.
I-43 Liberty Global’s current CSO has significant experience leading cybersecurity efforts at large enterprises, having held top information security positions at a number of international large- and mega-cap companies during her career. She also holds a master of science in security risk management and is qualified as a certified information security manager with the Information Systems Audit and Control Association.
Our current CSO has significant experience leading cybersecurity efforts at large enterprises, having held top information security positions at a number of international large- and mega-cap companies during her career. She also holds a master of science in security risk management and is qualified as a certified information security manager with the Information Systems Audit and Control Association.
Our cybersecurity team also administers a third-party risk governance program that identifies potential risks introduced through third-party relationships, such as vendors, software and hardware manufacturers or professional service providers. Liberty Global also seeks to obtain certain contractual security guarantees and assurances with these third-party relationships to help ensure the security and safety of its information.
Our cybersecurity team also administers a third-party risk governance program that identifies potential risks introduced through third-party relationships, such as vendors, software and hardware manufacturers or professional service providers. We seek to obtain certain contractual security guarantees and assurances with these third-party relationships to help ensure the security and safety of our information.
The cybersecurity team also routinely participates in industry-wide programs to further information sharing, intelligence gathering and unity of effort in responding to potential or actual attacks. Liberty Global also periodically reviews its business continuity plan to develop an effective recovery strategy that seeks to decrease incident response times, limit financial impacts and maintain customer confidence during any business interruption.
Our cybersecurity team also routinely participates in industry-wide programs to further information sharing, intelligence gathering and unity of effort in responding to potential or actual attacks. We also periodically review our business continuity plan to develop an effective recovery strategy that seeks to decrease incident response times, limit financial impacts and maintain customer confidence during any business interruption.
Our CSO and cybersecurity team actively monitor Liberty Global’s systems, regularly review its policies, compliance, regulations and best practices, perform penetration testing, conduct incident response exercises and internal ethical phishing campaigns and provide periodic training and communication across the organization to strengthen secure behavior and foster a culture of digital security.
Our CSO and cybersecurity team actively monitor our systems, regularly review our policies, compliance, regulations and best practices, perform penetration testing, conduct incident response exercises and internal ethical phishing campaigns and provide periodic training and communication across our organization to strengthen security focused behavior and foster a culture of digital safety.
The cybersecurity team works closely with a broad range of departments, including legal, regulatory, corporate communications, audit services, information technology and operational technology functions critical to Liberty Global’s operations, as well as engages external vendors to help ensure its cybersecurity program operates effectively.
The cybersecurity team works closely with a broad range of departments, including legal, regulatory, corporate communications, audit services, information technology and operational technology functions critical to our operations, as well as engaging external vendors to help ensure our cybersecurity program operates effectively.
Liberty Global has developed a cybersecurity program that is designed to scan for, monitor and identify risks to company confidential or non-public information, protect such information, detect threats and events and maintain an appropriate response and recovery capability to help ensure resilience against cyber-attacks and other information security incidents.
We have developed a cybersecurity program that is designed to scan for, monitor and identify risks to our confidential or non-public information, protect such information, detect threats and events and maintain an appropriate response and recovery capability to help ensure resilience against cyber-attacks and other information security incidents.
Liberty Global’s CSO provides periodic updates to the Audit Committee on the state of Liberty Global’s cybersecurity posture, new threats or threat actors that the company is monitoring or developing defenses against and any potential areas of improvement.
Our CSO provides periodic updates to the Audit Committee on the state of our cybersecurity posture, new threats or threat actors that we are monitoring or developing defenses against and any potential areas of improvement.
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In 2024, there were no cybersecurity threats, including as a result of any previous cybersecurity incidents, that materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeLiberty Global Class B common shares High Low 2023 First quarter $ 22.20 $ 18.20 Second quarter $ 19.84 $ 16.30 Third quarter $ 19.75 $ 16.86 Fourth quarter $ 18.44 $ 15.47 2022 First quarter $ 30.30 $ 23.55 Second quarter $ 26.20 $ 21.39 Third quarter $ 23.59 $ 16.62 Fourth quarter $ 20.99 $ 16.30 Holders As of January 31, 2024, there were 31,412, 46 and 34,322 record holders of Liberty Global Class A, Class B and Class C common shares, respectively.
Biggest changeLiberty Global Class B common shares High Low 2024 First quarter $ 21.77 $ 16.76 Second quarter $ 18.60 $ 16.01 Third quarter $ 21.90 $ 17.58 Fourth quarter - prior to the Sunrise Distribution $ 21.80 $ 19.71 Fourth quarter - subsequent to the Sunrise Distribution (a) $ 14.91 $ 11.38 2023 First quarter $ 22.20 $ 18.20 Second quarter $ 19.84 $ 16.30 Third quarter $ 19.75 $ 16.86 Fourth quarter $ 18.44 $ 15.47 ______________ (a) Share prices reflect the impact of the Sunrise Distribution, which took place on November 13, 2024, at which point Sunrise began trading as a separate public company.
The following table sets forth the quarterly range of high and low sales prices of Liberty Global Class B common shares for 2023 and 2022. Although Liberty Global Class B common shares are traded on the Nasdaq Global Select Market, an established public trading market does not exist for the shares, as they are not actively traded.
The following table sets forth the quarterly range of high and low sales prices of Liberty Global Class B common shares for 2024 and 2023. Although Liberty Global Class B common shares are traded on the Nasdaq Global Select Market, an established public trading market does not exist for the shares, as they are not actively traded.
II-2 Stock Performance Graph The following graph compares the changes in the cumulative total shareholder return on our Liberty Global Class A, Class B and Class C common shares from January 1, 2019 to December 31, 2023, to the change in the cumulative total returns of the Nasdaq US Benchmark Telecom TR Index and the Nasdaq US Benchmark TR Index (assuming reinvestment of dividends, where applicable).
II-2 Stock Performance Graph The following graph compares the changes in the cumulative total shareholder return on our Liberty Global Class A, Class B and Class C common shares from January 1, 2020 to December 31, 2024, to the change in the cumulative total returns of the Nasdaq US Benchmark Telecom TR Index and the Nasdaq US Benchmark TR Index (assuming reinvestment of dividends, where applicable).
The graph assumes that $100 was invested on January 1, 2019.
The graph assumes that $100 was invested on January 1, 2020.
II-1 Issuer Purchase of Equity Securities The following table sets forth information regarding our company’s purchase of its own equity securities during the three months ended December 31, 2023: Period Total number of shares purchased Average price paid per share (a) Total number of shares purchased as part of publicly-announced plans or programs Value of shares that may yet be repurchased under the plans or programs October 1, 2023 through October 31, 2023: Class A — — — (b) Class C 9,400,310 17.68 9,400,310 (b) November 1, 2023 through November 30, 2023: Class A — — — (b) Class C 4,491,261 17.26 4,491,261 (b) December 1, 2023 through December 31, 2023: Class A — — — (b) Class C 6,502,630 17.39 6,502,630 (b) Total — October 1, 2023 through December 31, 2023: Class A — — — (b) Class C 20,394,201 17.49 20,394,201 (b) _______________ (a) Average price paid per share includes direct acquisition costs.
Issuer Purchase of Equity Securities The following table sets forth information regarding our company’s purchase of its own equity securities during the three months ended December 31, 2024: Period Total number of shares purchased Average price paid per share (a) Total number of shares purchased as part of publicly-announced plans or programs Value of shares that may yet be repurchased under the plans or programs October 1, 2024 through October 31, 2024: Class A — $ — — (b) Class C 2,494,224 $ 21.55 2,494,224 (b) November 1, 2024 through November 30, 2024: Class A — $ — — (b) Class C 3,290,981 $ 13.99 3,290,981 (b) December 1, 2024 through December 31, 2024: Class A — $ — — (b) Class C 5,560,507 $ 13.59 5,560,507 (b) Total — October 1, 2024 through December 31, 2024: Class A — $ — — (b) Class C 11,345,712 $ 15.46 11,345,712 (b) _______________ (a) Average price paid per share includes direct acquisition costs.
Any future payment of cash dividends will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations, including applicable laws in Bermuda. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None.
Dividends We have not paid any cash dividends on any of our common shares, and we have no present intention of doing so. Any future payment of cash dividends will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations, including applicable laws in Bermuda.
These amounts do not include the number of shareholders whose shares are nominally held by banks, brokerage houses or other institutions, but include each such institution as one record holder. Dividends We have not paid any cash dividends on any of our common shares, and we have no present intention of doing so.
Holders As of January 31, 2025, there were 30,361, 35 and 33,023 record holders of Liberty Global Class A, Class B and Class C common shares, respectively. These amounts do not include the number of shareholders whose shares are nominally held by banks, brokerage houses or other institutions, but include each such institution as one record holder.
Removed
(b) Our original share buyback plan for 2023 authorized the repurchase of 10% of our outstanding shares as of December 31, 2022, and this was increased to a minimum of 15% in July 2023. We achieved this minimum as of October 30, 2023, and announced a further repurchase target of approximately $300.0 million through the end of January 2024.
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The share price information for Liberty Global Class B common shares prior to the Sunrise Distribution has not been retroactively revised. Immediately prior to the Sunrise Distribution, Liberty Global Class B common shares had a closing share price of $20.82. Subsequent to the Sunrise Distribution, Liberty Global Class B common shares had a closing share price of $11.96.
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At December 31, 2023, $101.7 million of this target remained and was fully achieved on January 26, 2024.
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II-1 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None.
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December 31, 2019 2020 2021 2022 2023 Liberty Global - Class A $ 106.56 $ 113.50 $ 129.99 $ 88.71 $ 83.27 Liberty Global - Class B $ 108.29 $ 116.76 $ 134.10 $ 90.48 $ 84.81 Liberty Global - Class C $ 105.62 $ 114.58 $ 136.09 $ 94.14 $ 90.31 Nasdaq US Benchmark Telecom TR Index $ 126.37 $ 138.80 $ 146.20 $ 113.62 $ 128.09 Nasdaq US Benchmark TR Index $ 131.17 $ 159.07 $ 200.26 $ 160.75 $ 203.23 II-3 Item 7.
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(b) Our board of directors has approved a new share repurchase program pursuant to which we are authorized to repurchase up to 10% of our outstanding shares as of December 31, 2024. As such, we are authorized to repurchase approximately 34.9 million of our Class A and/or Class C common shares during 2025.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis, which should be read in conjunction with our consolidated financial statements, is intended to assist in providing an understanding of our results of operations and financial condition and is organized as follows: • Overview.
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Based on the respective closing share prices on December 31, 2024, this would equate to total share repurchases during 2025 of approximately $450.0 million . However, the actual U.S. dollar amount of our share repurchases during 2025 will be determined by the actual transaction date share prices and could differ significantly from this amount.
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This section provides a general description of our business and recent events. • Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2023 and 2022. • Liquidity and Capital Resources.
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December 31, 2020 2021 2022 2023 2024 Liberty Global - Class A $ 106.51 $ 121.99 $ 83.25 $ 78.14 $ 105.89 Liberty Global - Class B $ 107.84 $ 123.83 $ 83.55 $ 78.32 $ 99.55 Liberty Global - Class C $ 108.51 $ 128.88 $ 89.15 $ 85.52 $ 113.08 Nasdaq US Benchmark Telecom TR Index $ 109.83 $ 115.69 $ 89.91 $ 101.36 $ 122.59 Nasdaq US Benchmark TR Index $ 121.27 $ 152.67 $ 122.55 $ 154.93 $ 192.86 II-3
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This section provides an analysis of our corporate and subsidiary liquidity and consolidated statements of cash flows. • Critical Accounting Policies, Judgments and Estimates. This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application. • Quantitative and Qualitative Disclosures about Market Risk.
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This section provides discussion and analysis of the foreign currency, interest rate and other market risk that our company faces. Included below is an analysis of our results of operations and cash flows for 2023, as compared to 2022. An analysis of our results of operations and cash flows for 2022, as compared to 2021, can be found under

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeWe also have significant investments in ITV, Televisa Univision, Lacework, Plume, the AtlasEdge JV, All3Media, EdgeConneX, Lionsgate, the Formula E racing series and several regional sports networks. The investments identified by company name above are intended to be merely illustrative, do not represent a complete list and are not necessarily the largest of our long-term investments.
Biggest changeThe investments identified by company name above are intended to be merely illustrative, do not represent a complete list and are not necessarily the largest of our long-term investments. From time to time, we may make investments in other companies that we choose not to identify by company name for commercial, legal, strategic or other reasons.
These products range from digital video recorders to multimedia home gateway systems capable of distributing video, voice and data content throughout the home and to multiple devices. Fixed-line telephony services. We offer fixed-line telephony services via either voice-over-internet-protocol or “ VoIP ” technology or circuit-switched telephony, depending on location. Mobile services.
These products range from digital video recorders to multimedia home gateway systems capable of distributing video, voice and data content throughout the home and to multiple devices. Fixed-line telephony services. We offer fixed-line telephony services via either voice-over-internet-protocol technology or circuit-switched telephony, depending on location. Mobile services.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Part II of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2022 (our 2022 10-K ), which is available through the Securities and Exchange Commission’s website at www.sec.gov.
Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Part II of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2023, which is available through the Securities and Exchange Commission’s website at www.sec.gov. The capitalized terms used below have been defined in the notes to our consolidated financial statements.
We continue to invest in new technologies that allow us to increase the internet speeds we offer to our customers. II-4 Video services. We provide video services, including various enhanced products that enable our customers to control when they watch their programming.
We offer multiple tiers of broadband internet service up to Gigabit speeds depending on location. We continue to invest in new technologies that allow us to increase the internet speeds we offer to our customers. Video services. We provide video services, including various enhanced products that enable our customers to control when they watch their programming.
This competition, together with macroeconomic and regulatory factors, has adversely impacted our revenue, number of customers and/or average monthly subscription revenue per fixed-line customer or mobile subscriber, as applicable ( ARPU ). For additional information regarding the competition we face, see
Competition and Other External Factors We are experiencing competition in all of the markets in which we or our affiliates operate. This competition, together with macroeconomic and regulatory factors, has adversely impacted our revenue, number of customers and/or average monthly subscription revenue per fixed-line customer or mobile subscriber, as applicable ( ARPU ).
Strategy and Management Focus From a strategic perspective, we are seeking to build national fixed-mobile converged communications businesses that have strong prospects for future growth. As discussed further under Liquidity and Capital Resources — Capitalization below, we also seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk.
As discussed further under Liquidity and Capital Resources — Capitalization below, we also seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk.
On April 1, 2022, we completed the sale of our operations in Poland. Accordingly, our operations in Poland are reflected as discontinued operations for all applicable periods. In the following discussion and analysis, the operating statistics, results of operations, cash flows and financial condition that we present and discuss are those of our continuing operations, unless otherwise indicated.
In the following discussion and analysis, the operating statistics, results of operations, cash flows and financial condition that we present and discuss are those of our continuing operations, unless otherwise indicated. For additional information, see note 6 to our consolidated financial statements.
In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands.
In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands. We completed the Spin-off of the Sunrise Entities on November 8, 2024. For additional information, see note 6 to our consolidated financial statements.
Our operations comprise businesses that provide residential and B2B communications services in (i) Switzerland and Slovakia through Sunrise Holding, (ii) Belgium and Luxembourg through Telenet and (iii) Ireland through VM Ireland.
Overview General We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe. Our continuing operations comprise businesses that provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet, (ii) Ireland through VM Ireland and (iii) Slovakia through UPC Slovakia.
From time to time, we may make investments in other companies that we choose not to identify by company name for commercial, legal, strategic or other reasons. For additional information regarding the details of our products and services, see Item 1. Business included in Part I of this Annual Report on Form 10-K.
We also provide technology and finance services to the VMO2 JV, the VodafoneZiggo JV and various third parties and affiliates pursuant to service agreements. For additional information regarding the details of our products and services, see Item 1. Business included in Part I of this Annual Report on Form 10-K.
In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 14 to our consolidated financial statements), pursuant to which we increased our ownership interest in Telenet to 100%. Through March 31, 2022, we provided residential and B2B communications services in Poland through Sunrise Holding.
On October 2, 2024, we completed the Formula E Acquisition pursuant to which we acquired a controlling interest in Formula E. For additional information, see note 5 to our consolidated financial statements. In October 2023, we completed the Telenet Takeover Bid, pursuant to which we increased our ownership interest in Telenet to 100%.
At December 31, 2023, our continuing operations owned and operated networks that passed 7,946,400 homes and served 4,055,500 fixed-line customers and 5,881,200 mobile subscribers. Broadband internet services. We offer multiple tiers of broadband internet service up to Gigabit speeds depending on location.
II-4 Operations Our company delivers market-leading products through next-generation networks that connect our customers to broadband internet, video, fixed-line telephony and mobile services. At December 31, 2024, our continuing operations owned and operated networks that passed 5,808,100 homes and served 2,530,900 fixed-line customers and 3,006,800 mobile subscribers. Broadband internet services.
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Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data is presented, as of December 31, 2023. Certain prior year amounts have been reclassified to conform to the current year presentation. Overview General We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe.
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Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis, which should be read in conjunction with our consolidated financial statements, is intended to assist in providing an understanding of our results of operations and financial condition and is organized as follows: • Overview.
Removed
We also own (1) a 50% noncontrolling voting interest in the AtlasEdge JV, which is a leading European Edge data center platform, and (2) a 25% noncontrolling interest in the nexfibre JV, which is constructing a new fiber network in the U.K. outside of the existing footprint of the VMO2 JV.
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This section provides a general description of our business and recent events. • Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2024 and 2023. • Liquidity and Capital Resources.
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For additional information regarding the sale of UPC Poland, including with respect to our use of proceeds, see note 6 to our consolidated financial statements. Operations Our company delivers market-leading products through next-generation networks that connect our customers to broadband internet, video, fixed-line telephony and mobile services.
Added
This section provides an analysis of our corporate and subsidiary liquidity and consolidated statements of cash flows. • Critical Accounting Policies, Judgments and Estimates. This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application. • Quantitative and Qualitative Disclosures about Market Risk.
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Impact of COVID-19 The global COVID-19 pandemic continues to impact the economies of the countries in which we operate. However, during 2023, the impact on our company continued to be relatively minimal as demand for our products and services remained strong.
Added
This section provides discussion and analysis of the foreign currency, interest rate and other market risk that our company faces. Included below is an analysis of our results of operations and cash flows for 2024, as compared to 2023.
Removed
It is not currently possible to predict whether there will be a significant resurgence of the COVID-19 pandemic as a result of new variants or otherwise, or to estimate the duration and severity of the COVID-19 pandemic or the adverse economic impact resulting from the preventative measures taken to contain or mitigate its outbreak.
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An analysis of our results of operations and cash flows for 2023, as compared to 2022, can be found under Item 7.
Removed
No assurance can be given that an extended period of global economic disruption would not have a material adverse impact on our business, financial condition and results of operations in future periods. Competition and Other External Factors We are experiencing competition in all of the markets in which we or our affiliates operate.
Added
In the following text, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data is presented, as of December 31, 2024.
Added
For additional information, see note 14 to our consolidated financial statements. Through November 7, 2024, we provided residential and B2B communications services in Switzerland through Sunrise. In addition, through March 31, 2022, we provided residential and B2B communications services in Poland through UPC Poland. Accordingly, the Sunrise Entities and UPC Poland are reflected as discontinued operations for all applicable periods.
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We provide premium electric car racing content through our controlling interest in Formula E. We also have significant investments in ITV, Televisa Univision, Plume, the AtlasEdge JV, EdgeConneX, Lionsgate and several regional sports networks.
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Strategy and Management Focus We view our business in three strategic platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our global investment arm comprised of various technology, media/content, sports, digital infrastructure and other growth assets) and “Liberty Services” (our innovative technology and finance service platforms offered by our centralized functions).
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For additional information regarding the competition we face, see Item 1. Business — Competition and — Regulatory Matters included in Part I of this Annual Report on Form 10-K. For additional information regarding the revenue impact of changes in the fixed-line customers and ARPU of our consolidated reportable segments, see Discussion and Analysis of our Reportable Segments below .
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For information regarding certain other regulatory developments that could adversely impact our results of operations in future periods, see Legal and Regulatory Proceedings and Other Contingencies in note 18 to our consolidated financial statements.
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II-5 Results of Operations We have completed a number of transactions that impact the comparability of our 2024 and 2023 results of operations, the most notable of which is the Formula E Acquisition on October 2, 2024. For further information, see note 5 to our consolidated financial statements.
Added
In the following discussion, we quantify the estimated impact of material acquisitions (the Acquisition Impact ) and dispositions on our operating results. The Acquisition Impact represents our estimate of the difference between the operating results of the periods under comparison that is attributable to an acquisition.
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In general, we base our estimate of the Acquisition Impact on an acquired entity’s operating results during the first 3 to 12 months following the acquisition date, as adjusted to remove integration costs and any other material unusual or non-operational items, such that changes from those operating results in subsequent periods are considered to be organic changes.
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Accordingly, in the following discussion, (i) organic variances attributed to an acquired entity during the first 12 months following the acquisition date represent differences between the Acquisition Impact and the actual results and (ii) the calculation of our organic change percentages includes the organic activity of an acquired entity relative to the Acquisition Impact of such entity.
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With respect to material dispositions, the organic changes that are discussed below reflect adjustments to exclude the historical prior-year results of any disposed entities to the extent that such entities are not included in the corresponding results for the current-year period.
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Changes in foreign currency exchange rates have a significant impact on our reported operating results, as all of our operating segments have functional currencies other than the U.S. dollar.
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Our primary exposure to FX risk during the three months ended December 31, 2024 for our continuing operations was to the euro, as substantially all of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro.
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In addition, our reported operating results are impacted by changes in the exchange rates for certain other local currencies in Europe.
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The portions of the changes in the various components of our results of operations that are attributable to changes in FX are highlighted under Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results below.
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For information regarding our foreign currency risks and the applicable foreign currency exchange rates in effect for the periods covered by this Annual Report on Form 10-K, see Item 7A. Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.
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The amounts presented and discussed below represent 100% of each of our consolidated and nonconsolidated reportable segment’s results of operations, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV.
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We account for our 50% interest in both the VMO2 JV and the VodafoneZiggo JV as an equity method investment and as such, our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our consolidated statements of operations.
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The noncontrolling owners’ interests at Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. Discussion and Analysis of our Reportable Segments General Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services.
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For detailed information regarding the composition of our reportable segments, our “all other category” and how we define and categorize our revenue components, see note 19 to our consolidated financial statements.
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For information regarding the results of operations of the VMO2 JV and the VodafoneZiggo JV, refer to Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below. The tables presented below in this section provide the details of the revenue and Adjusted EBITDA of our reportable segments for 2024, as compared to 2023.
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These tables present (i) the amounts reported for the current and comparative periods, (ii) the reported U.S. dollar change and percentage change from period to period and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period.
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For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for 2024 and 2023 at the end of this section.
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Most of our revenue is derived from jurisdictions that administer VAT or similar revenue-based taxes. Any increases in these taxes could have an adverse impact on our ability to maintain or increase our revenue to the extent that we are unable to pass such tax increases on to our customers.
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In the case of revenue-based taxes for which we are the ultimate taxpayer, we will II-6 also experience increases in our operating costs and expenses and corresponding declines in our Adjusted EBITDA and Adjusted EBITDA margins to the extent of any such tax increases.
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We pay interconnection fees to other telephony providers when calls or text messages from our subscribers terminate on another network, and we receive similar fees from such providers when calls or text messages from their customers terminate on our networks or networks that we access through MVNO or other arrangements.
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The amounts we charge and incur with respect to fixed-line telephony and mobile interconnection fees are subject to regulatory oversight. To the extent that regulatory authorities introduce fixed-line or mobile termination rate changes, we would experience prospective changes and, in very limited cases, we could experience retroactive changes in our interconnect revenue and/or costs.
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The ultimate impact of any such changes in termination rates on our Adjusted EBITDA would be dependent on the call or text messaging patterns that are subject to the changed termination rates.
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We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments.
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Any cost increases that we are not able to pass on to our subscribers through rate increases would result in increased pressure on our operating margins. For additional information regarding our foreign currency exchange risks see Item 7A. Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.
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Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends from a consolidated view.
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Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations.
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The following table provides a reconciliation of earnings (loss) from continuing operations to total consolidated Adjusted EBITDA: Year ended December 31, 2024 2023 2022 in millions Earnings (loss) from continuing operations $ 1,869.1 $ (3,659.1) $ 771.7 Income tax expense (benefit) (30.8) 213.1 406.7 Other income, net (201.8) (211.4) (101.0) Gain on sale of All3Media (242.9) — — Gain associated with the Formula E Acquisition (190.7) — — Gain associated with the Telenet Wyre Transaction — (377.8) — Gain on Telenet Tower Sale — — (700.5) Share of results of affiliates, net 205.6 2,018.4 1,268.3 Realized and unrealized losses due to changes in fair values of certain investments, net 28.4 556.6 317.0 Foreign currency transaction losses (gains), net (1,756.5) 719.7 (1,298.8) Realized and unrealized gains on derivative instruments, net (315.2) (78.3) (854.4) Interest expense 574.7 505.0 300.9 Operating income (loss) (60.1) (313.8) 109.9 Impairment, restructuring and other operating items, net 49.6 43.0 62.3 Depreciation and amortization, net 1,002.0 1,216.4 1,093.6 Share-based compensation expense 168.3 204.8 163.2 Total consolidated Adjusted EBITDA $ 1,159.8 $ 1,150.4 $ 1,429.0 II-7 Revenue of our Reportable Segments General.
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While not specifically discussed in the below explanations of the changes in the revenue of our reportable segments, we are experiencing competition in all of our markets. This competition has an adverse impact on our ability to increase or maintain our total number of customers and/or our ARPU.
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Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of our fixed-line customers or mobile subscribers outstanding during the period and (ii) changes in ARPU.
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Changes in ARPU can be attributable to (a) changes in prices, (b) changes in bundling or promotional discounts, (c) changes in the tier of services selected, (d) variances in subscriber usage patterns and (e) the overall mix of fixed and mobile products within a segment during the period.
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Year ended December 31, Increase (decrease) Organic increase (decrease) 2024 2023 $ % $ % in millions, except percentages Telenet $ 3,084.4 $ 3,089.2 $ (4.8) (0.2) $ (12.2) (0.4) VM Ireland 491.4 506.1 (14.7) (2.9) (14.9) (2.9) Total consolidated reportable segments 3,575.8 3,595.3 (19.5) (0.5) Plus: all other category 1,013.6 776.2 237.4 30.6 Less: elimination of intercompany consolidated revenue (247.5) (255.7) 8.2 N.M.
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Total consolidated $ 4,341.9 $ 4,115.8 $ 226.1 5.5 $ 189.6 4.6 VMO2 JV $ 13,649.7 $ 13,574.1 $ 75.6 0.6 VodafoneZiggo JV $ 4,450.5 $ 4,450.5 $ — — ______________ N.M. — Not Meaningful. Telenet.
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The details of the decrease in Telenet’s revenue during 2024, as compared to 2023, are set forth below: Subscription revenue Non-subscription revenue Total in millions Increase (decrease) in residential fixed subscription revenue due to change in: Average number of customers $ (57.4) $ — $ (57.4) ARPU 51.7 — 51.7 Increase in residential fixed non-subscription revenue — 1.4 1.4 Total increase (decrease) in residential fixed revenue (5.7) 1.4 (4.3) Increase (decrease) in residential mobile revenue (a) 0.6 (17.1) (16.5) Increase (decrease) in B2B revenue (b) 12.8 (35.5) (22.7) Increase in other revenue (c) — 31.3 31.3 Total organic increase (decrease) 7.7 (19.9) (12.2) Impact of acquisitions — 7.1 7.1 Impact of FX 0.2 0.1 0.3 Total $ 7.9 $ (12.7) $ (4.8) _______________ (a) The decrease in residential mobile non-subscription revenue is primarily attributable to lower interconnect revenue.
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II-8 (b) The increase in B2B subscription revenue is primarily due to an increase in the average number of customers. The decrease in B2B non-subscription revenue is primarily attributable to (i) lower interconnect revenue and (ii) a decrease in revenue from wholesale services. (c) The increase in other revenue is primarily attributable to higher broadcasting revenue.
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In addition, the increase in other revenue includes the one-off impact of the recognition of previously deferred revenue of approximately $18 million during the third quarter of 2024. VM Ireland.
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The details of the decrease in VM Ireland’s revenue during 2024, as compared to 2023, are set forth below: Subscription revenue Non-subscription revenue Total in millions Decrease in residential fixed subscription revenue due to change in: Average number of customers $ (11.5) $ — $ (11.5) ARPU (3.4) — (3.4) Decrease in residential fixed non-subscription revenue — (0.2) (0.2) Total decrease in residential fixed revenue (14.9) (0.2) (15.1) Decrease in residential mobile revenue (0.6) (1.1) (1.7) Increase in B2B revenue 0.6 3.2 3.8 Decrease in other revenue — (1.9) (1.9) Total organic decrease (14.9) — (14.9) Impact of FX 0.2 — 0.2 Total $ (14.7) $ — $ (14.7) Programming and Other Direct Costs of Services, Other Operating Expenses and SG&A Expenses of our Reportable Segments For information regarding the changes in our (i) programming and other direct costs of services, (ii) other operating expenses and (iii) SG&A expenses , see Discussion and Analysis of our Consolidated Operating Results below.
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II-9 Adjusted EBITDA of our Reportable Segments Adjusted EBITDA is the primary measure used by our CODM to evaluate segment operating performance. As presented below, consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our consolidated statements of operations.
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The following table sets forth the Adjusted EBITDA of our reportable segments.
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Year ended December 31, Increase (decrease) Organic increase (decrease) 2024 2023 $ % $ % in millions, except percentages Telenet $ 1,292.2 $ 1,315.2 $ (23.0) (1.7) $ (27.6) (2.1) VM Ireland 178.3 181.4 (3.1) (1.7) (2.9) (1.6) Total consolidated reportable segments 1,470.5 1,496.6 (26.1) (1.7) Plus: all other category (188.7) (215.1) 26.4 N.M.
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Less: elimination of intercompany consolidated Adjusted EBITDA (122.0) (131.1) 9.1 N.M. Total consolidated $ 1,159.8 $ 1,150.4 $ 9.4 0.8 $ 21.6 1.9 VMO2 JV $ 4,503.4 $ 4,531.3 $ (27.9) (0.6) VodafoneZiggo JV $ 2,033.9 $ 1,972.5 $ 61.4 3.1 _______________ N.M. — Not Meaningful.
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Adjusted EBITDA Margin The following table sets forth the Adjusted EBITDA margins (Adjusted EBITDA divided by revenue) of each of our reportable segments: Year ended December 31, 2024 2023 Telenet 41.9 % 42.6 % VM Ireland 36.3 % 35.8 % VMO2 JV 33.0 % 33.4 % VodafoneZiggo JV 45.7 % 44.3 % In addition to organic changes in the revenue, operating and SG&A expenses of our reportable segments, the Adjusted EBITDA margins presented above include the impact of acquisitions, as applicable.
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For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of our consolidated reportable segments, see the analysis of our revenue included in Discussion and Analysis of our Reportable Segments above and the analysis of our expenses included in Discussion and Analysis of our Consolidated Operating Results below.
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For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of the VMO2 JV and the VodafoneZiggo JV, see Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below.
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II-10 Discussion and Analysis of our Consolidated Operating Results General For more detailed explanations of the changes in our revenue, see Discussion and Analysis of our Reportable Segments above.
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Revenue Our revenue by major category is set forth below: Year ended December 31, Increase (decrease) Organic increase (decrease) 2024 2023 $ % $ % in millions, except percentages Residential revenue: Residential fixed revenue (a): Subscription revenue (b): Broadband internet $ 890.6 $ 872.0 $ 18.6 2.1 $ 18.4 2.1 Video 598.2 616.2 (18.0) (2.9) (18.1) (2.9) Fixed-line telephony 196.0 217.0 (21.0) (9.7) (20.9) (9.6) Total subscription revenue 1,684.8 1,705.2 (20.4) (1.2) (20.6) (1.2) Non-subscription revenue 21.6 21.3 0.3 1.4 1.2 5.6 Total residential fixed revenue 1,706.4 1,726.5 (20.1) (1.2) (19.4) (1.1) Residential mobile revenue (c): Subscription revenue (b) 487.1 487.1 — — — — Non-subscription revenue 169.3 187.8 (18.5) (9.9) (18.2) (9.7) Total residential mobile revenue 656.4 674.9 (18.5) (2.7) (18.2) (2.7) Total residential revenue 2,362.8 2,401.4 (38.6) (1.6) (37.6) (1.6) B2B revenue (d): Subscription revenue 431.5 417.8 13.7 3.3 13.5 3.2 Non-subscription revenue 411.3 440.8 (29.5) (6.7) (36.6) (8.2) Total B2B revenue 842.8 858.6 (15.8) (1.8) (23.1) (2.7) Other revenue (e) 1,136.3 855.8 280.5 32.8 250.3 28.4 Total $ 4,341.9 $ 4,115.8 $ 226.1 5.5 $ 189.6 4.6 _______________ (a) Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period.
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Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service.
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As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services.
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Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. Residential mobile interconnect revenue was $43.9 million and $57.9 million during 2024 and 2023, respectively. (d) B2B subscription revenue represents revenue from (i) services provided to SOHO subscribers and (ii) mobile services provided to medium and large enterprises.
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SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass II-11 marketed products offered to our residential subscribers. A portion of the change in our B2B subscription revenue is attributable to the conversion of certain residential subscribers to SOHO subscribers.
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B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.
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(e) Other revenue includes, among other items, (i) broadcasting revenue at Telenet and VM Ireland, (ii) revenue earned from the U.K. JV Services and NL JV Services and (iii) revenue earned from the sale of CPE to the VMO2 JV and the VodafoneZiggo JV. Total revenue. Our consolidated revenue increased $226.1 million or 5.5% during 2024, as compared to 2023.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

202 edited+51 added−79 removed100 unchanged
Biggest changeQuantitative and Qualitative Disclosures About Market Risk , as well as the following list of some, but not all, of the factors that could cause actual results or events (including with respect to affiliates) to differ materially from anticipated results or events: • economic and business conditions and industry trends in the countries in which we or our affiliates operate; • the competitive environment in the industries and in the countries in which we or our affiliates operate, including competitor responses to our products and services; • fluctuations in currency exchange rates and interest rates; • instability in global financial markets, including sovereign debt issues, currency instability and related fiscal reforms; • consumer disposable income and spending levels, including the availability and amount of individual consumer debt, as a result of, among other things, inflationary pressures; • changes in consumer television viewing, mobile and broadband usage preferences and habits; • consumer acceptance of our existing service offerings, including our broadband internet, video, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future; • our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies and transformation, and the rate at which our current technology becomes obsolete; • our ability to maintain or increase the number of subscriptions to our broadband internet, video, fixed-line telephony and mobile service offerings and our average revenue per household; • our ability to provide satisfactory customer service, including support for new and evolving products and services; • our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers, including with respect to our significant property and equipment additions, as a result of, among other things, inflationary pressures; • the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital; • changes in, or failure or inability to comply with, government regulations and legislation in the countries in which we or our affiliates operate and adverse outcomes from regulatory proceedings; • government intervention that requires opening our broadband distribution networks to competitors, such as certain regulatory obligations imposed in Belgium; • our ability to maintain and further develop our direct and indirect distribution channels; • the effect of perceived health risks associated with electromagnetic radiation from base statement and associated equipment; I-4 • the effect on our businesses of strikes or collective action by certain of our employees that are represented by trade unions; • our ability to obtain regulatory approval and shareholder approval and satisfy other conditions necessary to close acquisitions, dispositions, combinations or joint ventures and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, combinations and joint ventures; • our ability to successfully acquire new businesses or form joint ventures and, if acquired or joined, to integrate, realize anticipated efficiencies from, and implement our business plan with respect to, the businesses we have acquired or joined or that we expect to acquire or join; • changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.K., the U.S. or in other countries in which we or our affiliates operate; • changes in laws, monetary policies and government regulations that may impact the availability or cost of capital and the derivative instruments that hedge certain of our financial risks; • our ability to navigate the potential impacts on our business resulting from the U.K.’s departure from the European Union ( E.U. ); • the ability of suppliers and vendors (including our third-party wireless network provider, Three (Hutchison), under our mobile virtual network operator ( MVNO ) arrangement at VM Ireland (as defined below)) to timely deliver quality products, equipment, software, services and access; • the activities of device manufacturers, and our operating companies’ ability to secure adequate and timely supply of handsets that experience high demand; • the availability of attractive programming for our video services and the costs associated with such programming, including, but not limited to, production costs, retransmission and copyright fees payable to public and private broadcasters; • uncertainties inherent in the development and integration of new business lines and business strategies; • our ability to adequately forecast and plan future network requirements; • the availability and cost of capital for the acquisition, maintenance and/or development of telecommunications networks, products and services; • the availability, cost and regulation of spectrum; • problems we may discover post-closing with the operations, including the internal controls and financial reporting processes, of businesses we acquire; • successfully integrating businesses or operations that we acquire or partner with on the timelines or within the budgets estimated for such integrations; • operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors, may be greater than expected in connection with our acquisitions, dispositions or joint ventures; • our ability to realize the expected synergies from our acquisitions and joint ventures in the amounts anticipated or on the anticipated timelines; • our ability to profit from investments, such as our joint ventures, that we do not solely control; • our ability to anticipate, protect against, mitigate and contain loss of our and our customers’ data as a result of cyber attacks on us or any of our operating companies; • the leakage of sensitive customer or company data or the failure to comply with applicable data protection laws, regulations and rules; • a failure in our network and information systems, whether caused by a natural failure or a security breach, and unauthorized access to our networks; • the outcome of any pending or threatened litigation; • the loss of key employees and the availability of qualified personnel; • changes in the nature of key strategic relationships with partners and joint venturers; • the risk of default by counterparties to our cash investments, derivative and other financial instruments and undrawn debt facilities; I-5 • our capital structure and factors related to our debt arrangements; and • events that are outside of our control, such as political unrest in international markets, terrorist attacks, armed conflicts, malicious human acts, natural disasters, epidemics, pandemics (such as COVID-19) and other similar events, including the ongoing invasion of Ukraine by Russia and the Israeli-Palestinian conflict.
Biggest changeQuantitative and Qualitative Disclosures About Market Risk , as well as the following list of some, but not all, of the factors that could cause actual results or events (including with respect to our affiliates) to differ materially from anticipated results or events: • economic and business conditions and industry trends in the countries in which we or our affiliates operate; • the competitive environment in the industries and in the countries in which we or our affiliates operate, including competitor responses to our products and services; • our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies and the rate at which our current technology becomes obsolete; • the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital; • our ability to adequately forecast and plan future network requirements; • changes in laws, monetary policies and government regulations that may impact the availability or cost of capital and the derivative instruments that hedge certain of our financial risks; • changes in consumer video, mobile and broadband usage, preferences and habits; • consumer acceptance of our existing service offerings, including our broadband internet, video, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future; • the availability of attractive programming for our video services and the costs associated with such programming, including, but not limited to, production costs, retransmission and copyright fees; • the activities of device manufacturers and our operating companies’ ability to secure adequate and timely supply of handsets that experience high demand; • uncertainties inherent in the development, and integration, of new business lines and business strategies; • our ability to increase revenue from business services offered to our affiliates and other third parties; • the availability, cost and regulation of spectrum used in our business; • the ability of suppliers and vendors (including our third-party wireless network provider, Three (Hutchison), under our mobile virtual network operator ( MVNO ) arrangement at VM Ireland (as defined below)) to timely deliver quality products, equipment, software, services and access; • the leakage of sensitive customer or company data or the failure to comply with applicable data protection laws, regulations and rules; • our ability to anticipate, protect against, mitigate and contain the loss of our and our customers’ data as a result of cyber attacks on us or any of our affiliates; • a failure in our network and information systems, whether caused by a natural failure or a security breach, and unauthorized access to our networks; • fluctuations in currency exchange rates and interest rates; • instability in global financial markets, including sovereign debt issues, currency instability and related fiscal or monetary reforms; • changes in, or failure or inability to comply with, government regulations and legislation in the countries in which we or our affiliates operate and any adverse outcomes from regulatory proceedings; • changes in laws or treaties relating to taxation, or the interpretation thereof, in Bermuda, the U.K., the U.S. or in other countries in which we or our affiliates operate; • the effect of perceived health risks associated with electromagnetic radiation from base stations and associated equipment; • our ability to navigate the potential impacts on our business resulting from the U.K.’s departure from the European Union ( E.U. ); I-4 • our ability to successfully acquire new businesses or form joint ventures and, if acquired or joined, to integrate, realize anticipated efficiencies from, and implement our business plans with respect to, the businesses we have acquired or joined or that we expect to acquire or join; • successfully integrating businesses or operations that we acquire or partner with on the timelines, or within the budgets, estimated for such integrations; • our ability to realize the expected synergies from our acquisitions and joint ventures in the amounts anticipated or on the anticipated timelines; • our ability to obtain regulatory approval and shareholder approval and satisfy other conditions necessary to close acquisitions, dispositions, combinations or joint ventures and the impact of conditions imposed by competition and other regulatory authorities in connection with any of our acquisitions, combinations or joint ventures; • problems we may discover post-closing with the operations, including the internal controls and financial reporting processes, of businesses we acquire or with whom we create joint ventures; • operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors, may be greater than expected in connection with our acquisitions, dispositions or joint ventures; • changes in the nature of key strategic relationships with partners and joint venturers; • our ability to profit from investments, such as our joint ventures, that we do not solely control; • our potential exposure to additional tax liabilities; • the effect on our businesses of strikes or collective action by certain of our employees that are represented by trade unions or work councils; • our capital structure and factors related to our debt arrangements; • our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers, including with respect to our significant property and equipment additions, as a result of, among other things, inflationary and cost of living pressures; • the availability and cost of capital for the acquisition, maintenance and/or development of telecommunications networks, products and services; • consumer disposable income and spending levels, including the availability and amount of individual consumer debt, as a result of, among other things, inflationary or cost of living pressures; • our ability to freely access the cash of our operating companies; • the risk of default by counterparties to our cash investments, derivative and other financial instruments and undrawn debt facilities; • the loss of key employees and the lack of qualified personnel; • our ability to provide satisfactory customer service, including support for new and evolving products and services; • government intervention that requires opening our broadband distribution networks to competitors, such as certain regulatory obligations imposed in Belgium; • our ability to maintain and further develop our direct and indirect distribution channels; • the outcome of any pending or threatened litigation; and • events that are outside of our control, such as political unrest in international markets, terrorist attacks, armed conflicts, malicious human acts, natural disasters, epidemics, pandemics and other similar events, including the ongoing invasion of Ukraine by Russia and the continuing conflicts in the Middle East.
This decision to deregulate is mainly based on two factors: (i) the approval of KPN’s commercial offer in a formal commitment decision by the ACM, which makes KPN’s fiber network open to various providers of telecom service and allows them to compete effectively at the retail level and (ii) the announcements of fiber roll-out plans by network operators which will likely cover all geographic areas of the Netherlands within the next five years.
This decision to deregulate is mainly based on two factors: (i) the approval of KPN’s commercial offer in a formal commitment decision by the ACM, which makes KPN’s fiber network open to various providers of telecom service and allows them to compete effectively at the retail level, and (ii) the announcements of fiber roll-out plans by network operators that will likely cover all geographic areas of the Netherlands within the next five years.
The Belgian NRA has imposed monthly wholesale cable resale access prices. These rates are expected to evolve over time due to, among other reasons, broadband capacity usage. The obligations on Telenet may strengthen its competitors by granting them access to Telenet’s fixed network to offer competing products and services notwithstanding Telenet’s substantial investments in developing its high-performing fixed infrastructure.
The Belgian NRA has also imposed monthly wholesale cable resale access prices. These rates are expected to evolve over time due to, among other reasons, broadband capacity usage. The obligations on Telenet may strengthen its competitors by granting them access to Telenet’s fixed network to offer competing products and services, notwithstanding Telenet’s substantial investments in developing its high-performing fixed infrastructure.
Failure to notify Ofcom or comply with the relevant statutory obligations may result in the imposition of fines or, ultimately, a prohibition on providing an ODPS. Technological Regulation The E.U. legislature is increasingly imposing additional mandatory requirements regarding energy consumption of the telecommunications equipment we provide our customers. We have been working to lower power consumption of our set-top boxes.
Failure to notify Ofcom or comply with the relevant statutory obligations may result in the imposition of fines or, ultimately, a prohibition on providing an ODPS. Technological Regulation The E.U. legislature is increasingly imposing additional mandatory requirements regarding energy consumption of the telecommunications equipment we provide. We have been working to lower power consumption of our set-top boxes.
BT is also both a principal competitor and an important supplier of content to the VMO2 JV. In 2023, BT formed a joint venture with Warner Bros. Discovery and launched TNT Sports, which replaced BT Sport and combined the partners’ content portfolios, including Olympic Games, the English Champion’s League, UEFA Europa League and other live sports.
BT is also both a principal competitor and an important supplier of content to the VMO2 JV. In 2023, BT formed a joint venture with Warner Bros. Discovery and launched TNT Sports, which replaced BT Sport and combined the partners’ content portfolios, including the 2024 Olympic Games, the English Champion’s League, UEFA Europa League and other live sports.
Achieving silver status in the Inclusive Employers standard and receiving commendation for our belonging communication campaign demonstrates our progress in this area. The VMO2 JV and VodafoneZiggo JV, along with Sunrise and VM Ireland, also have their own ERGs to provide support for their local employees and to complement Liberty Global’s broader DE&I strategy and initiatives.
Achieving silver status in the Inclusive Employers standard and receiving commendation for our Belonging communication campaign demonstrates our progress in this area. The VMO2 JV and VodafoneZiggo JV, along with VM Ireland, also have their own ERGs to provide support for their local employees and to complement Liberty Global’s broader DE&I strategy and initiatives.
One Firmware runs on system-on-a-chip ( SOC ) technology from multiple vendors and can run on any SOC that is RDK-B compliant, enabling greater speed and agility for on-boarding of new customer premises equipment ( CPE ) platforms and ecosystem features, allowing us to build once and port to many.
One Firmware runs on system-on-a-chip ( SOC ) technology from multiple vendors and can run on any SOC that is RDK-B compliant, enabling greater speed and agility for on-boarding of new customer premises equipment ( CPE ) platforms and ecosystem features, thus allowing us to build once and port to many.
We also seek to carry in each of our markets key public and private broadcasters, and in some markets, we acquire local premium programming through select relationships with companies such as Sky plc ( Sky ), TNT Sports (a joint venture between BT Sport and Warner Bros. Discovery), Streamz, BlueTV and Canal+.
We also seek to carry in each of our markets key public and private broadcasters, and in some markets, we acquire local premium programming through select relationships with companies such as Sky plc ( Sky ), TNT Sports (a joint venture between BT Sport and Warner Bros. Discovery), Streamz and Canal+.
In the U.K., the VMO2 JV is required to hold individual licenses under the Broadcasting Acts 1990 and 1996 for any television channels (including barker channels) that it owns or operates and to provide certain other services on its cable television platform, such as electronic program guides.
In the U.K., the VMO2 JV is required to hold individual licenses under the Broadcasting Acts of 1990 and 1996 for any television channels (including barker channels) that it owns or operates and to provide certain other services on its cable television platform, such as electronic program guides.
Pursuant to VM Ireland’s agreement with Three (Hutchison) to provide mobile services as an MVNO, Three (Hutchison) leases a third-party’s radio access network and owns the core network, including switching, backbone and interconnections. VM Ireland’s MVNO arrangement with Three (Hutchison) permits VM Ireland to offer its customers mobile services without needing to build and operate a cellular radio tower network.
Pursuant to VM Ireland’s agreement with Three (Hutchison) to provide mobile services as an MVNO, Three (Hutchison) leases a third-party’s radio access network and owns the core network, including switching, backbone and interconnections. VM Ireland’s MVNO arrangement with Three (Hutchison) permits VM Ireland to offer its customers mobile services without needing to build and operate a mobile radio tower network.
To help eliminate potential bias in our hiring, we implemented inclusive hiring manager training, ensured diverse interview panels and have begun to use artificial intelligence to help eliminate gender-biased language in job descriptions. We broadened our talent pool through a refreshed external proposition, conscious advertising and internal transparency.
To help eliminate potential bias in our hiring practices, we implemented inclusive hiring manager training, ensured diverse interview panels and have begun to use artificial intelligence to help eliminate gender-biased language in job descriptions. We broadened our talent pool through a refreshed external proposition, conscious advertising and internal transparency.
Certain of our business service revenue is derived from small or home office ( SOHO ) subscribers that pay a premium price to receive enhanced service levels along with internet, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers.
Certain of our business service revenue is derived from small or home office ( SOHO ) subscribers that pay a premium to receive enhanced service levels along with internet, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers.
In relation to the telecommunications sector, the U.K. and the E.U. have agreed to maintain the existing levels of liberalization in their markets, including standard provisions on authorizations, access to and use of telecoms networks, interconnection, fair and transparent regulation and the allocation of scarce resources. The E.U.-U.K.
In the telecommunications sector, the U.K. and the E.U. have agreed to maintain the existing levels of liberalization in their markets, including standard provisions on authorizations, access to and use of telecoms networks, interconnection, fair and transparent regulation and the allocation of scarce resources. The E.U.-U.K.
Agreement ”. Principles on state aid are also contained in the E.U.-U.K. Agreement to prevent either side from granting unfair subsidies and to provide a dispute settlement mechanism to ensure businesses from the E.U. and the U.K. compete on a level playing field.
Principles on state aid are also contained in the E.U.-U.K. Agreement to prevent either side from granting unfair subsidies and to provide a dispute settlement mechanism to ensure businesses from the E.U. and the U.K. compete on a level playing field.
The VMO2 JV provides a wide range of mobile telecommunications and associated value-added products and services, such as voice, messaging and data services, handsets and hardware (e.g., wearables and handsets), stand-alone mobile devices and other accessories.
The VMO2 JV provides a wide range of mobile and associated value-added products and services, such as voice, messaging and data services, handsets and hardware (e.g., wearables and handsets), stand-alone mobile devices and other accessories.
To support the adoption of fiber-to-the-home, cabinet, building or node networks (fiber-to-the-home/-cabinet/-building/-node is referred to herein as FTTx ) access in both on-net and off-net scenarios, we introduced XGSPON (an updated standard for passive optical networks that supports higher-speed, 10 Gbps symmetrical data transfers) and Ethernet-based Connect Boxes with WiFi 6, providing speeds up to 10 Gbps that run our One Firmware and support our ONE Connect ecosystem.
To support the adoption of fiber-to-the-home, cabinet, building or node networks (fiber-to-the-home/-cabinet/-building/-node is referred to herein as FTTx ) access in both on-net and off-net scenarios, we introduced XGSPON (an updated standard for passive optical networks that supports 10 Gbps symmetrical data transfers) and ethernet-based Connect Boxes with WiFi 6, providing speeds up to 10 Gbps that run our One Firmware and support our ONE Connect ecosystem.
This approach informs decision making across key employee focus areas, including for example, well-being, work-from-home opportunities and skills development. Additional information on our workforce and our commitment to our employees is made available in Liberty Global’s Annual Corporate Responsibility Report, which we expect to be published on our website during the second half of 2024.
This approach informs decision making across key employee focus areas, including for example, well-being, work-from-home opportunities and skills development. Additional information on our workforce and our commitment to our employees is made available in Liberty Global’s Annual Corporate Responsibility Report, which we expect to be published on our website during the second half of 2025.
Internet speed is of crucial importance to our customers, as they spend more time streaming video and other bandwidth-heavy services on multiple devices. Our extensive broadband network enables us to deliver ultra-high-speed internet services across our markets. Our residential subscribers access the internet via cable or XGSPON modems connected to their internet capable devices, or wirelessly via WiFi.
I-9 Internet speed is of crucial importance to our customers, as they spend more time streaming video and other bandwidth-heavy services on multiple devices. Our extensive broadband network enables us to deliver ultra-high-speed internet services across our markets. Our residential subscribers access the internet via cable or XGSPON modems connected to their internet capable devices, or wirelessly via WiFi.
Our latest next generation product suite is called “ Horizon 5 ”, a cloud-based, multi-screen entertainment platform that combines linear television (including recording and I-10 replay features), premium video-on-demand (“ VoD ”) offerings, an increasing amount of integrated premium global and local video applications and mobile viewing into one entertainment experience.
Our latest next generation product suite is called “ Horizon 5 ”, a cloud-based, multi-screen entertainment platform that combines linear television (including recording and replay features), premium video-on-demand ( VoD ) offerings, an increasing amount of integrated premium global and local video applications and mobile viewing into one entertainment experience.
In 2023, we provided the world’s first test of DOCSIS 4 technology on live network infrastructure, capable of 10 Gbps speeds over Hybrid Fiber Coaxial ( HFC ) Plant with upgraded passive components, emphasizing the re-usability of our existing coaxial cable. The DOCSIS 4 CPE and node was the culmination of joint development activity with our vendors and silicon partners.
In 2023, we provided the world’s first test of DOCSIS 4 technology on live network infrastructure, capable of 10 Gbps speeds over HFC Plant with upgraded passive components, emphasizing the re-usability of our existing coaxial cable. The DOCSIS 4 CPE and node was the culmination of joint development activity with our vendors and silicon partners.
In support of our connectivity strategy, we are moving our customers into a gigabit society. All of our broadband networks are already capable of supporting the next generation of ultra-high-speed internet service at gigabit speeds. To provide these speeds to our subscribers, we plan to grow our base of DOCSIS 3.1 technology throughout our footprint.
In support of our connectivity strategy, we are moving our customers into a gigabit society. All of our broadband networks are already capable of supporting the next generation of ultra-high-speed internet service at gigabit speeds or faster. To provide these speeds to our subscribers, we plan to grow our base of DOCSIS 3.1 technology throughout our footprint.
Member States are still in process, and we cannot predict the ultimate outcome of these negotiations. In May 2018, the General Data Protection Regulation ( GDPR ) became effective in the E.U. The GDPR sets strict standards regarding the handling, use and retention of personal data. Organizations that fail to comply face stiff penalties.
Member States are still in process, and we cannot predict the ultimate outcome of these negotiations. I-24 In May 2018, the General Data Protection Regulation ( GDPR ) became effective in the E.U. The GDPR sets strict standards regarding the handling, use and retention of personal data. Organizations that fail to comply face stiff penalties.
Customers who do not pay a recurring monthly fee are excluded from our Mobile Subscriber count after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our Mobile I-7 Subscribers receive mobile services pursuant to prepaid contracts.
Customers who do not pay a recurring monthly fee are excluded from our Mobile Subscriber count after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our Mobile Subscribers receive mobile services pursuant to prepaid contracts.
These actions include: • recapturing bandwidth and optimizing our networks by: ◦ increasing the number of nodes in our markets; ◦ increasing the bandwidth of our HFC cable network to 1.2 GHz; ◦ converting analog channels to digital; ◦ moving channels to IP delivery; ◦ deploying additional DOCSIS 3.1 channels; ◦ replacing copper lines with modern optic fibers; and ◦ using digital compression technologies. • freeing spectrum for high-speed internet, VoD and other services by encouraging customers to move from analog to digital services; • increasing the efficiency of our networks by moving head-end functions (encoding, transcoding and multiplexing) to cloud storage systems; • enhancing our network to accommodate business services; I-15 • using wireless technologies to extend our services outside of the home; • offering remote access to our video services through laptops, smart phones and tablets; • expanding the availability of the Horizon 5 minibox and Horizon Go, as well as Horizon 5, and related products and developing and introducing online media sharing and streaming or cloud-based video; and • testing new technologies.
These include: • recapturing bandwidth and optimizing our networks by: ◦ increasing the number of nodes in our markets; ◦ increasing the bandwidth of our HFC cable network to 1.2 GHz; ◦ converting analog channels to digital; ◦ moving channels to IP delivery; ◦ deploying additional DOCSIS 3.1 channels; ◦ replacing copper lines with modern optic fibers; and ◦ using digital compression technologies. • freeing spectrum for high-speed internet, VoD and other services by encouraging customers to move from analog to digital services; • increasing the efficiency of our networks by moving head-end functions (encoding, transcoding and multiplexing) to cloud storage systems; • enhancing our network to accommodate business services; • using wireless technologies to extend our services outside of the home; • offering remote access to our video services through laptops, smart phones and tablets; and • expanding the availability of the Horizon 5 minibox and Horizon Go, as well as Horizon 5, and related products and developing and introducing online media sharing and streaming or cloud-based video.
The scope of regulation varies from country to country, although in some significant respects, regulation in E.U. markets is harmonized under the regulatory structure of the E.U. Of the seven countries in our footprint, five are part of the E.U.: the Republic of Ireland, the Netherlands (nonconsolidated joint venture), Belgium, Luxembourg and Slovakia. Our other operations are in the U.K.
The scope of regulation varies from country to country, although in some significant respects, regulation in E.U. markets is harmonized under the regulatory structure of the E.U. Of the six countries in our footprint, five are part of the E.U.: the Republic of Ireland, the Netherlands (nonconsolidated joint venture), Belgium, Luxembourg and Slovakia. Our other operations are in the U.K.
The terms under which this spectrum becomes available varies among the European countries in which we operate, and certain uses of this spectrum may interfere with services carried on our cable networks. Privacy Regulation In January 2017, the European Commission published a proposal for a revised e-Privacy regulation. Negotiations among E.U.
The terms under which this spectrum becomes available varies among the European countries, and certain uses of this spectrum may interfere with services carried on our cable networks. Privacy Regulation In January 2017, the European Commission published a proposal for a revised e-Privacy regulation. Negotiations among E.U.
Additionally, Horizon Go enables customers to remotely schedule the recording of a television program on their Horizon 5 box at home. I-11 In 2023, we expanded our collaboration with our technology partner Infosys to evolve and scale our entertainment platform (as well as our connectivity platform).
Additionally, Horizon Go enables customers to remotely schedule the recording of a television program on their Horizon 5 box at home. In 2023, we expanded our collaboration with our technology partner Infosys to evolve and scale our entertainment platform (as well as our connectivity platform).
We measure employee engagement quarterly against external benchmarks defined by a leading human resources consultant. We perform in line with global industry benchmarks and exceed benchmarks set by high performing organizations in areas such as in inclusion, well-being, manager support and senior leadership communication.
We measure employee engagement quarterly against external benchmarks defined by a leading human resources consultant. We perform in line with global industry benchmarks and exceed benchmarks set by high performing organizations I-21 in areas such as in inclusion, well-being, manager support and senior leadership communication.
Thanks to the 360 integration of Horizon 5 across multiple screens, customers can pause a program, series or movie and seamlessly continue watching from where they left off on another device, whether on a television, tablet, smart phone or laptop.
Thanks to the 360 I-11 integration of Horizon 5 across multiple screens, customers can pause a program, series or movie and seamlessly continue watching from where they left off on another device, whether on a television, tablet, smart phone or laptop.
The information on our website is not part of this Annual Report and is not incorporated by reference herein. The SEC also maintains a website address at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. I-28
The information on our website is not part of this Annual Report and is not incorporated by reference herein. The SEC also maintains a website address at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. I-27
Across our footprint we offer converged fixed and mobile experiences in and out of the home, and it is our ambition to further enhance this proposition through strategic acquisitions and partnerships and through product development to offer our customers a world-class suite of products and services.
Across our footprint we offer converged fixed and mobile experiences in and out of the home, and it is our ambition to further enhance this proposition through strategic acquisitions and partnerships and through product developments to offer our customers a world-class suite of products and services.
This plan is expected to fuel connectivity innovation for consumers and businesses, create options to potentially pursue the broadband wholesale market in the U.K. and to protect from growing FTTx competition. The VodafoneZiggo JV’s primary competitor, Koninklijke KPN N.V.
This plan is expected to fuel connectivity innovation for consumers and businesses, create options to potentially pursue the broadband wholesale market in the U.K. and to protect from growing FTTx competition. The VodafoneZiggo JV’s main competitor, Koninklijke KPN N.V.
Telefónica owns 25% of the nexfibre JV and InfraVia owns the remaining 50%. The VMO2 JV will act as the anchor client for the nexfibre JV’s fiber network. The VMO2 JV also entered into a construction agreement and a master services agreement with the nexfibre JV to provide various network construction and operation services to the nexfibre JV.
Telefónica owns 25% of the nexfibre JV and InfraVia owns the remaining 50%. The VMO2 JV will act as the anchor client for the nexfibre JV’s fiber network. The VMO2 JV also entered into a construction agreement and a master services agreement with the nexfibre JV to provide various network construction and operational services to the nexfibre JV.
When personal data is transferred outside the EEA, special safeguards stemming from the GDPR, such as the adoption of adequacy decisions and the use of standard contractual clauses ( SCCs ), are enforced to I-25 ensure that data is transferred in a protected manner.
When personal data is transferred outside the EEA, special safeguards stemming from the GDPR, such as the adoption of adequacy decisions and the use of standard contractual clauses ( SCCs ), are enforced to ensure that data is transferred in a protected manner.
Data Privacy Framework, replacing the Privacy Shield deal which was struck down by the European Court of Justice in July 2020. U.S. companies can join the E.U.-U.S. Data Privacy Framework by committing to comply with a detailed set of privacy obligations.
Data Privacy Framework, which replaces the Privacy Shield deal which was struck down by the European Court of Justice in July 2020. U.S. companies can join the E.U.-U.S. Data Privacy Framework by committing to comply with a detailed set of privacy obligations.
The Mobile Subscriber count for the VMO2 JV includes internet of things ( IoT ) connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count for the VMO2 JV presented in the table above excludes mobile wholesale connections based on their definition.
The Mobile Subscriber count for the VMO2 JV includes internet of things ( IoT ) connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract I-7 connections. The mobile subscriber count for the VMO2 JV presented in the table above excludes mobile wholesale connections based on their definition.
Where necessary, we increase our capacity incrementally, for instance by splitting nodes in our cable network. We also continue to explore improvements to our services and new technologies that will enhance our customer’s connected entertainment experience.
Where necessary, we increase our capacity incrementally, for instance by splitting nodes in our cable network. We also continue to explore improvements to our network and services as well as new technologies that will enhance our customer’s connected entertainment experience.
We currently have arrangements with Disney (The Walt Disney Company Limited and The Walt Disney Company Benelux), Netflix International B.V. ( Netflix ), Amazon Europe Core S.A.R.L. ( Amazon ), SkyShowtime Limited ( SkyShowtime ), Apple Inc., HBO Nordic AB and Viaplay Group AB ( Viaplay ).
We currently have arrangements with Disney (The Walt Disney Company Limited and The Walt Disney Company Benelux), Netflix International B.V. ( Netflix ), Amazon Europe Core S.A.R.L. ( Amazon ), SkyShowtime Limited ( SkyShowtime ), Apple Inc., Paramount, HBO Nordic AB, Viaplay Group AB ( Viaplay ) and DAZN Limited ( DAZN ).
Our intermediate to long-term strategy is to enhance our capabilities and offerings in the business sector so we become a preferred provider in the business market. To execute this strategy, partnerships, customer experience and strategic marketing play a key role.
Our intermediate to long-term strategy is to enhance our capabilities and offerings in the business sector so we become a preferred provider in the business market. To execute this strategy, partnerships and customer experience play a key role.
Telenet’s principal competitor is Proximus, the incumbent telecommunications operator, which has interactive digital television, replay television, VoD, OTT and HD service as part of its video offer, as well as mobile-only video propositions tailored to the needs of younger market segments. Proximus offers customers a wide range of both individual and bundled services at competitive prices.
Telenet’s principal video competitor is Proximus, which has interactive digital television, replay television, VoD, OTT and HD service as part of its video offer, as well as mobile-only video propositions tailored to the needs of younger market segments. Proximus offers customers a wide range of both individual and bundled services at competitive prices.
Our venture capital arm has committed $13 million to investing in start-up companies, including through our partners, Avesta Capital and Colorado Impact Fund, that make a positive impact on society.
Our venture capital arm has committed approximately $13 million to investing in start-up companies, including through our partners, Avesta Capital, Colorado Impact Fund and Helena, that make a positive impact on society.
Horizon 5 is marketed under the name “Sunrise TV” at Sunrise, “Telenet TV-Box” at Telenet, “Virgin TV360” at the VMO2 JV and VM Ireland and “MediaBox Next” at the VodafoneZiggo JV. In the U.K., the forerunner product of Horizon 5 is based on the TiVo platform and was developed under a strategic partnership agreement with TiVo Inc.
Horizon 5 is marketed under the name “Telenet TV-Box” at Telenet, “Virgin TV360” at the VMO2 JV and VM Ireland and “MediaBox Next” at the VodafoneZiggo JV. In the U.K., the forerunner product of Horizon 5 is based on the TiVo platform and was developed under a strategic partnership agreement with TiVo Inc.
Readers are cautioned not to place undue reliance on any forward-looking statement. Description of Business We are one of the world’s leading converged broadband, video and communications companies, with a commitment to providing our customers “best in class” connectivity and entertainment services.
Readers are cautioned not to place undue reliance on any forward-looking statement. I-5 Description of Business We are one of the world’s leading converged broadband, mobile, video and communications companies, with a commitment to providing our customers “best in class” connectivity and entertainment services.
We provide residential and business telecommunication services in Switzerland through Sunrise, Belgium through Telenet, Ireland through VM Ireland and Slovakia through UPC Slovakia, and we are a leading fixed network provider in each of these countries. We also own 50% of the VMO2 JV and the VodafoneZiggo JV, each of which is a fixed network leader in their respective countries.
We provide residential and business telecommunication services in Belgium through Telenet, Ireland through VM Ireland and Slovakia through UPC Slovakia, and we are a leading fixed network provider in each of these countries. We also own 50% of both the VMO2 JV and the VodafoneZiggo JV, each of which is a fixed network leader in their respective countries.
For additional information on the above agreements, see note 7 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K. The fiber-rich broadband network of the VodafoneZiggo JV passes approximately 7.5 million homes. The VodafoneZiggo JV offers gigabit internet speeds for residential and business customers across its entire footprint.
For additional information on the above agreements, see note 7 to our consolidated financial statements included in Part II of this Annual Report on Form 10-K. The fiber-rich broadband network of the VodafoneZiggo JV passes approximately 7.6 million homes. The VodafoneZiggo JV offers at least gigabit internet speeds for residential and business customers across its entire footprint.
Such measures include limits on the amount that customers can be charged for using mobile data abroad before having to opt in if they wish to use more data and alert warnings as customers reach various milestones in data allowances included within their packages.
Such measures include limits on the amount that customers can be charged for using mobile data abroad before having to opt in if they wish to use more data and alert warnings as customers reach various milestones in their data allowances.
Under the dividend policy, the VodafoneZiggo JV is required to distribute all unrestricted cash to Vodafone and us, subject to minimum cash requirements and financing arrangements. We also entered into a framework agreement with the VodafoneZiggo JV to provide access to each partner’s expertise in the telecommunications industry.
Under the dividend policy, the VodafoneZiggo JV must distribute all unrestricted cash to Vodafone and us, subject to minimum cash requirements and financing arrangements. We also entered into a framework agreement with the VodafoneZiggo JV to provide access to each partner’s expertise in the telecommunications industry.
The GDPR applies to the European Economic Area ( EEA ), which includes the E.U. and a number of other countries, but does not include the U.K. or Switzerland.
The GDPR applies to the European Economic Area ( EEA ), which includes the E.U. and a number of other countries, but does not include the U.K.
Sunrise, Telenet, the VMO2 JV and the VodafoneZiggo JV offer mobile services as mobile network providers, VM Ireland offers mobile services as an MVNO over a third-party network through Three (Hutchison) and UPC Slovakia delivers mobile services as a reseller of SIM cards provided by SWAN, a.s.
Telenet, the VMO2 JV and the VodafoneZiggo JV offer mobile services as MNOs, VM Ireland offers mobile services as an MVNO over a third-party network through Three (Hutchison) and UPC Slovakia delivers mobile services as a reseller of SIM cards provided by SWAN, a.s.
In order to tailor our entertainment offerings to each market, we have added various locally relevant apps such as Play Suisse at Sunrise, VRT Max, VTM Go and GoPlay at Telenet, BBC iPlayer and ITVX at the VMO2 JV and NPO Start and Videoland at the VodafoneZiggo JV. Exclusive content is another element of our content strategy.
In order to tailor our entertainment offerings to each market, we have added various locally relevant apps such as: VRT Max, VTM Go and GoPlay at Telenet, BBC iPlayer and ITVX at the VMO2 JV and Canal + , NPO Start and Videoland at the VodafoneZiggo JV. Exclusive content is another element of our content strategy.
I-6 Operating Data The following table presents certain operating data as of December 31, 2023 with respect to the networks of our subsidiaries and significant joint ventures. The following tables reflect 100% of the data applicable to each of our subsidiaries and significant joint ventures regardless of our ownership percentage.
I-6 Operating Data The following table presents certain operating data as of December 31, 2024 with respect to the networks of our subsidiaries and significant joint ventures. The following tables reflect 100% of the reported data applicable to each of our subsidiaries and significant joint ventures regardless of our ownership percentage.
Our content strategy is based on: • proposition (exceeding our customers’ entertainment desires and expectations); • product (delivering the best content available); • procurement (investment in the best brands, movies, shows and sports); and • partnering (strategic alignment, acquisitions and growth opportunities).
Our content strategy is based on the following key tenets: • proposition (exceeding our customers’ entertainment desires and expectations); • product (delivering the best content available); • procurement (investment in the best brands, movies, shows and sports); and • partnering (strategic alignment, acquisitions and growth opportunities).
At Liberty Global, we are committed to the health and safety of our employees and visitors to our sites, and we ensure compliance with all relevant national health and safety regulations. For employees, we currently utilize a hybrid work-from-home/work-from-office work program.
At Liberty Global, we are committed to the health and safety of our employees and visitors to our sites, and we ensure compliance with all relevant national health and safety regulations. For employees, we currently utilize a hybrid work program.
The VMO2 JV also offers a flexible entertainment service called ‘Stream’ which combines customers’ subscription packages, such as Netflix, Disney+ and Prime Video, as well as the free television channels under one system while also allowing the customer to transform their television into a voice-activated unit.
The VMO2 JV also offers a flexible entertainment service marketed as ‘Flex’ which combines customers’ subscription packages, such as Netflix, Disney+ and Prime Video, as well as the free television channels under one system while also allowing the customer to transform their television into a voice-activated unit.
Member States are also allowed to require service providers to contribute financially to the production of European works, including requiring financial contributions from providers of VoD services established in other territories that target audiences in their jurisdiction. Such obligations are applicable to (or are expected to become applicable to) certain of our businesses.
Member States may require service providers to contribute financially to the production of European works, including requiring contributions from providers of VoD services established in other territories that target audiences in their jurisdiction. Such obligations are applicable to (or are expected to become applicable to) certain of our businesses.
Under the dividend policy, the nexfibre JV is required to distribute all unrestricted cash to Telefónica, InfraVia and us, subject to minimum cash requirements and financing arrangements. VodafoneZiggo JV Liberty Global owns 50% of the VodafoneZiggo JV, a leading Dutch telecommunications company that provides fixed, mobile and integrated communication and entertainment services to consumers and businesses in the Netherlands.
Under the dividend policy, the nexfibre JV must distribute all unrestricted cash to Telefónica, InfraVia and us, subject to minimum cash requirements and financing arrangements. VodafoneZiggo JV Liberty Global owns 50% of the VodafoneZiggo JV, a leading Dutch telecommunications company that provides fixed, mobile, video, telephony and integrated communication and entertainment services to consumers and businesses in the Netherlands.
Discounts to our monthly service fees are available to any subscriber who selects a bundle of two or more of our services ( bundled services ): internet, video, fixed-line telephony and mobile services. Bundled services consist of double-play for two services, triple-play for three services and quad-play for four services.
I-10 Discounts to our monthly service fees are available to any subscriber who selects a bundle of two or more of our services ( bundled services ), such as internet, video, fixed-line telephony and mobile services. Bundled services consist of double-play for two services, triple-play for three services and quad-play for four services.
With respect to our significant nonconsolidated joint ventures, the VMO2 JV employs approximately 15,020 people and the VodafoneZiggo JV employs approximately 6,260 people. None of the above figures include contractors or temporary employees. A majority of our European employees are represented by workers councils.
With respect to our significant nonconsolidated joint ventures, the VMO2 JV employs approximately 15,750 people and the VodafoneZiggo JV employs approximately 6,150 people. None of the above figures include contractors or temporary employees. A majority of our European employees are represented by workers councils.
For a majority of our agreements, we seek to include the rights to offer the licensed programming to our customers through multiple delivery platforms and through our apps for smart phones and tablets.
For a majority of our agreements, we seek to include the rights to offer the licensed programming to our customers through multiple delivery platforms and through our apps on devices including smart phones and tablets.
In 2023, we added a cybersecurity feature to our ONE Connect Platform, providing our customers with safe browsing and advanced network protection features. Our Connect Box is available in all our markets, and during 2023, approximately 11 million of our customers had a Connect Box.
In 2023, we added a cybersecurity feature to our ONE Connect Platform called Smart Security, providing our customers with safe browsing and advanced network protection features. Our Connect Box is available in all our markets, and during 2024, approximately 11 million of our customers had a Connect Box.
This all-IP mini 4K capable set-top box has extremely low power consumption and its casing is made from recycled plastic, proudly winning us the Digital TV Europe’s Video Tech Innovation Sustainability Award in December 2020, as well as the Red Dot Product Design Award in 2021.
This all-IP mini 4K capable set-top box has extremely low power consumption and its casing is made from recycled plastic. It received the Digital TV Europe’s Video Tech Innovation Sustainability Award in December 2020, as well as the Red Dot Product Design Award in 2021.
Additionally, in connection with the Telenet Wyre Transaction, the long-term lease that Telenet had with Fluvius to provide fixed services to its customers in Fluvius’ footprint was terminated.
Additionally, in connection with the Telenet Wyre Transaction, the long-term lease that Telenet had with Fluvius until September 2046 to provide fixed services to its customers in Fluvius’ footprint was terminated.
For on-demand programming, we generally pay a revenue share for transactional VoD (occasionally with minimum guarantees) and either a flat fee or a monthly fee per subscriber for subscription VoD. In the case of the VMO2 JV and the VodafoneZiggo JV, transactional VoD is primarily sourced via a third party (Vubiquity and Pathé, respectively).
With respect to on-demand programming, we generally pay a revenue share for transactional VoD (occasionally with minimum guarantees) and either a flat fee or a monthly fee per subscriber for subscription VoD. In the case of the VMO2 JV and the VodafoneZiggo JV, transactional VoD is primarily sourced via a third party.
As part of this strategy, Sunrise GmbH ( Sunrise ), Telenet, the VMO2 JV and our 50:50 joint venture with Vodafone Group plc ( Vodafone ) (the VodafoneZiggo JV ) deliver mobile services as mobile network operators ( MNOs ), Virgin Media Ireland ( VM Ireland ) delivers mobile services as an MVNO through Three (Hutchison)’s network and UPC Slovakia delivers mobile services as a reseller of subscriber identification module ( SIM ) cards provided by SWAN, a.s.
(the VMO2 JV ) and our 50:50 joint venture with Vodafone Group plc ( Vodafone ) (the VodafoneZiggo JV ) deliver mobile services as mobile network operators ( MNOs ), Virgin Media Ireland ( VM Ireland ) delivers mobile services as an MVNO through Three (Hutchison)’s network, and UPC Slovakia delivers mobile services as a reseller of subscriber identification module ( SIM ) cards provided by SWAN, a.s.
The VMO2 JV also provides business and wholesale products and services to large enterprises, public sector entities and small and medium business customers, as well as wholesale and MVNO partners. nexfibre JV We beneficially own a 25% interest in the nexfibre JV, a joint venture in the U.K. that intends to construct and operate a wholesale FTTH broadband network of 5-7 million premises that does not overlap with the VMO2 JV’s existing network.
The VMO2 JV also provides business and wholesale products and services to large enterprises, public sector entities and small and medium business customers, as well as operating its fixed and mobile networks to wholesale and MVNO partners. nexfibre JV We beneficially own approximately 25% of the nexfibre JV, a joint venture in the U.K. that intends to construct and operate a wholesale FTTH broadband network of 5-7 million premises that does not overlap with the VMO2 JV’s existing network.
The VMO2 JV had over 12 million RGUs as of December 31, 2023, comprised of approximately 5.7 million broadband internet subscribers. The VMO2 JV does not report video or telephony subscribers on an individualized basis, although such subscribers are included in its total RGU figure.
The VMO2 JV had over 12 million fixed RGUs as of December 31, 2024, including approximately 5.7 million broadband internet subscribers. The VMO2 JV does not report video or telephony subscribers on an individualized basis, although such subscribers are included in its total RGU figure.
In connection with the formation of the VodafoneZiggo JV, we entered into a shareholders agreement with Vodafone providing for the governance of the VodafoneZiggo JV, including, among other things, its dividend policy and non-compete provisions. It also provides for restrictions on the transfer of interests in the VodafoneZiggo JV and exit arrangements.
In connection with the formation of the VodafoneZiggo JV, we entered into a shareholders agreement with Vodafone that details the governance of the VodafoneZiggo JV, including, among other things, its dividend policy and non-competition provisions. It also provides for restrictions on the transfer of interests in the VodafoneZiggo JV and exit arrangements.
Belgium Telenet has been found to have SMP in the wholesale broadband market, obliging it to (i) provide third-party operators with access to the digital television platform (including basic digital video and analog video) and (ii) make available to third-party operators a bitstream offer of broadband internet access including fixed voice as an option.
Belgium Telenet has been found to have SMP in the wholesale broadband and the wholesale television distribution markets, obliging it to (i) provide third-party operators with access to the digital television platform (including basic digital video and analog video) and (ii) make available to third-party operators a bitstream offer of broadband internet access, including fixed voice.
This same technical solution also allows our customers to replay a television program from the start even while the live broadcast is in progress. Additionally, customers have the option of recording television programs in the cloud (or onto the hard disk drive that is housed within the “Virgin TV360” set-top box in the U.K. and in Ireland).
This same technical solution also allows our customers to replay a television program from the start even while the live broadcast is in progress. Additionally, customers have the option of recording television programs in the cloud (or onto the hard disk drive that is housed within the “Virgin TV360” set-top box at the VMO2 JV and Virgin Media Ireland).
We have our own sports channels under the Play Sports brand in Belgium, which is exclusively available to Telenet customers, and MySports in Switzerland, which Sunrise licenses to other platforms in Switzerland. In Ireland, Virgin Media customers have access to VM More which includes sports programming as well as first look products and premium content.
We have our own sports channels under the Play Sports brand in Belgium, which is exclusively available to Telenet customers. In Ireland, Virgin Media customers have access to VM More which includes sports programming as well as first look products and premium content.
The AVMSD established quotas, applicable to both linear and non-linear services, for the transmission of European-produced programming and programs made by European producers who are independent of broadcasters. Such obligations are applicable to our businesses in the E.U. The U.K. and Switzerland have similar principles in their regulatory systems. E.U.
The AVMSD established quotas, applicable to both linear and non-linear services, for the transmission of European-produced programming and programs made by European producers who are independent of broadcasters. Such obligations are applicable to our businesses in the E.U. The U.K. has similar principles. E.U.
For our VoD services we license a variety of programming, including box sets of television series, movies, music, kids’ programming and documentaries. I-16 In recent years, OTT apps have become increasingly important in the content space and, as part of our content strategy, we have put in place deals with a number of global and regional app providers.
For our VoD services we license a variety of programming, including box sets of television series, movies, music, kids’ programming and documentaries. OTT apps remain important in the content space and, as part of our content strategy, we have put in place deals with a number of global and regional app providers.
In addition, our businesses face competition from other FTTx-based providers or other indirect access providers. In each of our markets, we face competition with a dominant fixed-line telephony provider, most of which also have competitive mobile offers based on 4G or 5G services. In our largest consolidated markets, the key dominant telephony providers are Swisscom (Switzerland) and Proximus (Belgium).
In addition, our businesses face competition from other FTTx-based providers or other indirect access providers. In each of our markets, we face competition with a dominant fixed-line telephony provider, most of which also have competitive mobile offers based on 4G or 5G services. In Belgium, the key dominant telephony providers is Proximus.
In particular, the Standby Regulation sets, among other things, the maximum power consumption of networked consumer equipment while in the so-called “Networked Standby” or “High Network Availability” modes. All of the devices we purchase and/or develop comply with the requirements of the Standby Regulation. Also, the E.U.’s Radio Equipment Directive regulates radio equipment held for sale.
In particular, the Standby Regulation sets, among other things, the maximum power consumption of networked consumer equipment while in the so-called “Networked Standby” or “High Network Availability” modes. All of our CPE devices comply with the requirements of the Standby Regulation. The E.U.’s Radio Equipment Directive regulates radio equipment held for sale.
Additional scrutiny is also imposed under the national foreign direct investment screening regimes recently adopted by the U.K. and by some E.U. Member States. Such regimes allow national governments to review and impose conditions on certain transactions involving critical infrastructures such as telecommunications.
Additional scrutiny is imposed under the national foreign direct investment screening regimes in the U.K. and by some E.U. Member States. Such regimes allow national governments to review and impose conditions on certain transactions involving critical infrastructures, including telecommunications.
In 2024, to continue the expansion into additional homes and business, VM Ireland entered into an agreement with National Broadband Ireland ( NBI ) to offer broadband internet and video products and services into the footprint served by NBI . I-12 Business Services In addition to our residential services, we offer business services in all of our operations.
In 2024, to continue the expansion into additional homes and business, VM Ireland entered into an agreement with National Broadband Ireland ( NBI ) to offer broadband internet and video products and services on NBI’s footprint. Business Services In addition to our residential services, we offer business services in all of our operations.
The speed of technological advancements is likely to continue to increase, giving customers more options for telecommunications services and products. Our customers want access to high quality telecommunication products that provide a seamless connectivity experience. Accordingly, our ability to offer FMC services (internet, video and telephony through our fixed and mobile networks) is a key component of our strategy.
The speed of technological advancements is likely to continue to increase, giving customers more options for telecommunications services and products. Our customers want access to high quality telecommunication products and services that provide a seamless connectivity experience. Accordingly, our ability to offer FMC services is a key component of our strategy.
In addition, we have produced the Swiss sitcom Fassler-Kunz , the Swiss series Im Heimatland and the original Belgian series Chaussée d’Amour and De Dag with local production companies. These television series are primarily available to our customers on an on-demand basis.
In addition, we have produced the original Belgian series Chaussée d’Amour and De Dag with local production companies. These television series are primarily available to our customers on an on-demand basis.
These services fall into five broad categories: • data services for fixed internet access with a 4G connectivity backup, IP VPNs based on SDWAN solutions and high-capacity point-to-point services, including dedicated cloud connections; • cloud collaboration VoIP solutions and circuit switch telephony, unified communications and conferencing options; • wireless services for mobile voice and data, as well as managed WiFi networks; • video programming packages and select channel lineups for targeted industries or full programming packages for SOHO customers; and • value-added services, including managed security systems, cloud enabled business applications, storage and web hosting.
These services fall into five broad categories: I-12 • data services for fixed internet access with a 4G connectivity backup, IP VPNs based on SDWAN solutions and high-capacity point-to-point services, including dedicated cloud connections; • cloud collaboration and telephony solutions, unified communications and conferencing options; • wireless services for mobile voice and data, as well as managed WiFi networks; • video programming packages and select channel lineups for targeted industries; and • value-added services, including managed security systems and cloud enabled business applications.
In addition, the VMO2 JV had approximately 35.2 million mobile subscribers and is the U.K.’s leading mobile operator in terms of connections, with 44.9 million connections across its mobile, IoT and wholesale services. In addition to gigabit broadband, the VMO2 JV provides fixed-line video and telephony services.
In addition, the VMO2 JV had approximately 35.7 million mobile subscribers and is the U.K.’s leading mobile operator in terms of connections, with 45.7 million connections across its mobile, IoT and wholesale services. I-13 In addition to gigabit broadband, the VMO2 JV provides fixed-line video and telephony services.

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