Menu
Kim Kardashian Leaked Photos Backlash

Kim Kardashian Leaked Photos Backlash

Mazda Miata 2016 model revealed

Mazda Miata 2016 model revealed

The Sexiest Halloween Costumes of 2014

The Sexiest Halloween Costumes of 2014

Miley Cyrus New Butt Gets in Trouble with Law

Miley Cyrus New Butt Gets in Trouble with Law

Larry Ellison Steps Down as CEO of Oracle

Larry Ellison Steps Down as CEO of Oracle

Fairfax ups investment in troubled BlackBerry

Jan 8 2014, 5:41pm CST | by , in News

 
 

Fairfax Financial ups investment in troubled BlackBerry

TORONTO (AP) — Fairfax Financial Holdings said Wednesday it is buying another $250 million of convertible debt in BlackBerry in what Fairfax says is a show of confidence in the troubled smartphone maker's new management.

Fairfax, BlackBerry's largest shareholder, led an investment group that injected $1 billion into the company last fall.

The insurance and investment firm invested $250 million as part of that initial deal, which gave it an option to make an extra $250 million investment before a Monday deadline.

Fairfax President Paul Rivett told The Associated Press on Wednesday that the investment signals Fairfax's confidence in new chief executive John Chen, who took over in November in a management shake-up that coincided with Fairfax's increased investment.

"We believe the market is only just beginning to see the true potential of BlackBerry under the leadership of John and the team he has assembled," Rivett said.

Chen is credited with turning around Sybase, a data company that was sold to SAP in 2010. He has said reviving BlackBerry will be his most "complicated" challenge but that the company has plenty of cash to help him engineer a turnaround.

The CEO announced last month that BlackBerry is entering into a five-year partnership with Foxconn, the Taiwanese company that assembles products in vast factories in China. Foxconn, known for its manufacturing contract work on Apple's iPhones and iPads, will jointly design and manufacture most BlackBerry devices and manage inventory of the devices in an agreement that will offload much of BlackBerry's manufacturing costs.

Chen has said the company "is very much alive" but is putting more emphasis on Blackberry's software business than its hardware business.

The BlackBerry smartphone, pioneered in 1999, had been the dominant mobile device for on-the-go business people and other consumers before Apple introduced the iPhone in 2007. Apple's device showed that phones could handle much more than email and calls. In the years since, BlackBerry has been hammered by competition from the iPhone as well as Android-based rivals.

U.S.-traded shares in Waterloo, Ontario-based BlackBerry Ltd. ended Wednesday up 4 cents at $8.54.

Source: AP

You Might Also Like

Updates

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/30" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

 

Comments

blog comments powered by Disqus

Latest stories

Latest David Bowie Album &#039;Coming Soon&#039;
Latest David Bowie Album 'Coming Soon'
Producer Tony Visconti verifies the pop singer is planning to release new music soon.
 
 
Former Titan Rob Bironas, Terry Bradshaw&#039;s son-in-law, died Saturday night
Former Titan Rob Bironas, Terry Bradshaw's son-in-law, died Saturday night
Former Tennessee Titan Rob Bironas died Saturday night after a single-car wreck. Terry Bradshaw missed FOX Sports coverage of the NFL on Sunday afternoon.
 
 
Music Midtown 2014 Blasts Through Piedmont Park
Music Midtown 2014 Blasts Through Piedmont Park
Music Midtown's one of Atlanta's biggest concerts and festivals and this year the stars came in droves. Eminem headlined while Jack White, John Mayer, Iggy Azalea, and Lorde all made their mark.
 
 
Upcoming &#039;Bond&#039; Film To Begin Filming In December
Upcoming 'Bond' Film To Begin Filming In December
Main villain to be physically imposing character.
 
 
 

About the Geek Mind

The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.

The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.

Read more about The Geek Mind.