Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  BlackBerry co-founder in talks about joint bid: WSJ report
BackBack

BlackBerry co-founder in talks about joint bid: WSJ report

The report came just a day after Blackberry said it would cut 4,500 jobs in the face of hefty losses

A file photo of former Blackberry co-CEO Mike Lazaridis. The Wall Street Journal report says Lazaridis has held talks with firms, including Blackstone Group LP and Carlyle Group LP, about making a joint bid for BlackBerry. Photo: Wikimedia Commons (Wikimedia Commons)Premium
A file photo of former Blackberry co-CEO Mike Lazaridis. The Wall Street Journal report says Lazaridis has held talks with firms, including Blackstone Group LP and Carlyle Group LP, about making a joint bid for BlackBerry. Photo: Wikimedia Commons
(Wikimedia Commons)

New York City: One of BlackBerry’s co-founders has held talks with private equity firms about making a joint bid for the struggling Canadian smartphone maker, The Wall Street Journal reported on Saturday.

Former Blackberry co-CEO Mike Lazaridis has talked to firms, including Blackstone Group LP and Carlyle Group LP, the paper said. It quoted people familiar with the matter.

The report came just a day after Blackberry said it would cut 4,500 jobs, or 40% of its workforce, in the face of hefty losses and weak sales of its new handsets.

Lazaridis and co-founder Jim Balsillie handed over the reins of the company in January 2012 under pressure from shareholders unhappy with the company’s performance.

News of the layoffs show BlackBerry’s efforts at reviving its fortunes are a stunning failure and push the once high-flying firm one step closer to extinction, analysts said.

BlackBerry said it expects a loss of $950-995 million in the second quarter mostly due to writedowns linked to poor sales of its Z10 smartphone, the device aimed at competing against Apple and Android devices.

The company’s highly-publicised launch of the BlackBerry 10 platform earlier this year failed to ignite sales. The company has said it is examining “strategic alternatives," including a possible sale of the company. AFP

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 21 Sep 2013, 09:43 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie