Liberty Global CEO Mike Fries (pictured) revealed the company is working on deals to separate more of its assets after spinning-off Swiss operator Sunrise last year, targeting completion of one or more transactions in the next 12 to 24 months.

Liberty Global has reduced its assets in recent years but still runs 50:50 joint ventures in the UK through VMO2 and VodafoneZiggo in the Netherlands, as well as Telenet in Belgium and Virgin Media in Ireland.

Fries made the admission in the company’s Q2 2025 earnings announcement, stating it was looking to separate remaining core operating units and/or assets “to unlock the conglomerate discount in our stock”.

“The unique structure of our balance sheet and holdings provides us with the flexibility to pursue additional spin-offs, tracking, stocks, IPOs and other transactions, in multiple combinations.”

With a deal or multiple deals expected to complete within the next two years, Fries added none of these potential transactions “are dependent on M&A in any of our existing markets”.

Liberty Global announced in mid-November 2024 Sunrise had been separated into a standalone entity, ahead of having its share relisted for public trading.

Revenue for Q2 2025 hit $1.3 billion, a 20 per cent increase year-on-year.