Telewest cuts jobs

World Brief

Financially challenged cabler Telewest will cut another 1,000 jobs and reduce spending by a third as it continues to restructure.

Company is in the middle of a debt-for-equity swap with bondholders and is seeking shareholder approval for the sale of a 17% stake in Scottish Media Group.

Earlier this year, Telewest slashed 1,500 jobs, 15% of its workforce, and cut annual capital expenditure from £600 million ($939 million) to $704 million.

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