Viasource Cuts 20 Jobs in Newport Beach
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Viasource Communications Inc. said Monday it has cut about 150 employees nationwide, including 20 at its unit in Newport Beach.
The local job cuts came at the former TeleCore Inc., which Viasource acquired in June. The unit, which provides digital subscriber lines that allow high-speed Internet service through traditional phone lines, had 500 employees, including 125 in Newport Beach.
Viasource bought TeleCore for $172.5 million in cash and stock, with John Clarey, TeleCore’s former chairman and chief executive, receiving $16.8 million in cash and an 8% stake in the acquiring firm.
Clarey declined to comment, saying he is no longer involved in the company’s daily operations.
Viasource provides maintenance and service for cable television, cable modems and satellite television. The company’s stock closed Monday at $8.47 a share, down 3 cents, in Nasdaq trading.
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