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BlackBerry co-founders are no longer trying to buy the company back

BlackBerry
BlackBerry has had a tough half-decade or so
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Earlier this year BlackBerry co-founders Mike Lazaridis and Doug Fregin were reportedly considering a plan to buy the company back, but now that bid is over.

Lazaridis has announced his decision publicly in a filing with the Securities and Exchange Commission.

He reduced his and Fregin's combined stake in BlackBerry from 8 percent to just under 5 percent, and announced the duo won't pursue their previous plan.

BlackBerry initially went up for sale in August, but in November the company took itself off the market after failing to find a buyer.

Picking up the pieces

Lazaridis initially threw in the towel in 2012, stepping down from the top of the pyramid along with co-CEO Jim Balsillie.

In buying the company out, Lazaridis and Fregin no doubt hoped to save BlackBerry from the downward spiral it's been on for a number of years. As The Wall Street Journal notes, the pair founded the company in 1984 in a Canadian strip mall with a loan from Lazaridis's parents.

Most recently the company announced a $4.4 billion (about £2.68b, AU$4.9b) quarterly loss, but executives pledged things will soon improve.

Toward the end of December BlackBerry committed to at least five more years of smartphones, but just a few days later it cancelled two phones as well as its 2014 conference.

Via CNET

Michael Rougeau is a former freelance news writer for TechRadar. Studying at Goldsmiths, University of London, and Northeastern University, Michael has bylines at Kotaku, 1UP, G4, Complex Magazine, Digital Trends, GamesRadar, GameSpot, IFC, Animal New York, @Gamer, Inside the Magic, Comic Book Resources, Zap2It, TabTimes, GameZone, Cheat Code Central, Gameshark, Gameranx, The Industry, Debonair Mag, Kombo, and others.


Micheal also spent time as the Games Editor for Playboy.com, and was the managing editor at GameSpot before becoming an Animal Care Manager for Wags and Walks.