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Thursday, 2 November, 2000, 19:39 GMT
NTL to axe 1,300 jobs

NTL, the UK's largest cable TV company, is to axe 1,300 jobs across the country over the next year as part of a cost-saving programme.

The company, which employs 22,000 people in the UK, said the job cuts were part of a business overhaul, following a period of rapid expansion.

Last month NTL pulled out of a 328m deal to screen pay-per-view Premiership football games.

The company said it had "identified significant cost savings, which will become material during the latter half of 2001."

Take-over rumours

NTL chief executive Barclay Knapp said that the time was right to "carry out a review of the way we run our business."

Though mainly active in Britain, NTL is listed on New York's Nasdaq exchange, where its share price has been hit hard this year by a sell-off of new economy stocks.

Earlier this week, the company was reported to be considering floating its business division.

Mr Knapp is said to believe that the financial markets have failed to value NTL properly, with analysts too focused on the variable performance of the cable division.

The company has denied persistent rumours that it is preparing a take-over bid for the number two UK cable operator Telewest.

Earlier this week, NTL was reported to be preparing to slash the cost of high-speed net access for its cable customers.

Subscribers could be offered 24-hour connection for as little as 5 a month.

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See also:

29 Oct 00 | Business
NTL's low-cost surfing
14 Jun 00 | Business
NTL bids for growth
28 Jul 00 | Business
NTL takes over Virgin ISP
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