The company was formed in June 2021 as a 50:50 joint venture between Liberty Global and Telefónica through the merger of their respective Virgin Media and O2 UK businesses.

In October 2021, the company introduced its joint venture 'Volt' package for customers who have an O2 Pay Monthly plan with Virgin Media broadband.

[5] On 24 July 2023, it was announced that Virgin Media O2 was cutting up to 2,000 members of staff by the end of 2023.

[6] In August 2023, the company announced that it had moved all Virgin Mobile UK customers to the O2 network.

[7] In September 2023, it was announced Virgin Media O2 had acquired the UK-regional broadband business, Upp.