Home » Breaking News, Science & Tech » BlackBerry likely to put itself up for sale

BlackBerry likely to put itself up for sale

Technology News : Canadian smartphone maker BlackBerry is looking at options that could include joint ventures, partnerships or a sale of the company as it struggles to survive against stiff competition. 

BlackBerry, which pioneered on-your-hip email with its first smartphones and email pagers, on Monday said it had set up a committee to review its options and that top shareholder Prem Watsa was stepping down from its board due to a possible conflict of interest.

BlackBerry, once a stock market darling, has bled market share to the likes of Apple Inc and phones using Google Inc’s Android operating system, and its new BlackBerry 10 smartphones have failed to gain traction with consumers.

BlackBerry shares were up 5 percent at C$10.57 percent near midday on the Toronto Stock Exchange but remained well below the levels seen in June, before the company reported dismal results that included poor sales of the BlackBerry 10 phones it views as key to a successful turnaround.

Analysts expressed skepticism about the new committee, noting that Blackberry announced similar steps more than a year ago when it hired JPMorgan and RBC as financial advisers.

As well as the smartphones that bear its name, BlackBerry has a valuable collection of patents, a well-regarded service business that powers its security-focused messaging system, and cash and investments of C$3.1 billion as of late June. The company is debt-free.

BlackBerry’s fate is likely to prompt questions from the Canadian government, which vets foreign takeovers of Canadian firms. In the past the government has described BlackBerry as a Canadian crown jewel.

The government said on Monday it would not comment on speculation about the company. Agencies

Like this story?

More News on EPakistanNews.com

Pakistan News update 24 hours, latest breaking news updates in Pakistan, Pak news, Pakistan Urdu columns, latest news pakistan, political news updates, E Pakistan Newspaper, Karachi News, Karachi Updates, Lahore news, Islamabad news, Multan news and more breaking news, E Pakistan News brings Latest Pakistan News, headline news, pk politics, News online, sports, politics news from Pakistan.

Home - Disclaimer - Follow us on Twitter - Like us on Facebook

Copyright © 2010-2015, E Pakistan News, All rights are reserved.
This material may not be published, broadcast, rewritten or redistributed without permission are strongly prohibited.
if you need any further assistance please contact us via email epn@epakistannews.com