BlackBerry Says No To Selling Failing Smartphone Company

    Comments:  | Leave A Comment

    blackberry-q10

    Right when you thought BlackBerry was ready to call it quits, the ailing smartphone maker announced, “nuh-uh.

    BlackBerry released a statement today saying it will receive a $1 billion investment from Fairfax Financial Holdings, the company that was set to buy out the cell phone manufacturer, and remain in the game. The decision comes as a surprise to many since the company has been failing miserably at keeping up with competitors such as Apple, Google and Samsung for quite some time. (I mean, helloooo, who do you know rocks a BlackBerry…proudly?)

    BlackBerry CEO Thorsten Heins will step down from his role and be replaced by John Chen in the interim.

    In September, BlackBerry initially announced that it had reached a deal with Fairfax to sell the company for $4.7 billion. The financial company plans to stick by BlackBerry as it attempts to revive its brand.

    “Fairfax is a long-time supporter, investor and partner to BlackBerry and, with this investment, reinforces its deep commitment to the future success of this company,” Fairfax CEO Prem Watsa said in a statement.

    The sudden change in plans has sparked a 16 percent drop in trading for BlackBerry this morning. Ouch. Clearly not everyone is sold on the company’s ability to ‘wow’ consumers, but the company’s interim CEO says to be patient.

    “BlackBerry is an iconic brand with enormous potential — but it’s going to take time, discipline and tough decisions to reclaim our success,” Chen said in a statement. Guess we’ll just have to wait and see.

    • advertisement
    • advertisement

    Comments

    blog comments powered by Disqus
    Follow

    Get every new post delivered to your Inbox.

    Join 447 other followers