BlackBerry stocks continue to slide as the company's buyout deal slipped away and CEO Thorsten Heins stepped down.
The Los Angeles Times reports that Fairfax Financial Holdings initially was going to buyout BlackBerry for $4.7 billion and make it private, but that deal fell through.
The Canadian insurance company will instead be a part of a $1 billion investment in BlackBerry. Heins will also step down as part of this new course of action and John S. Chen will take over as interim CEO.
"BlackBerry is an iconic brand with enormous potential -- but it's going to take time, discipline and tough decisions to reclaim our success," said Chen in a statement. "I look forward to leading BlackBerry in its turnaround and business model transformation."
The investment, rather than a buyout is "the conclusion of the review of strategic alternatives," Fairfax said. Deadline notes. The company owns 10 percent of BlackBerry stock.
The $1 billion investment with Fairfax "reinforces its deep commitment to the future success of this compnay," Fairfax CEO Prem Watsa said.
BlackBerry has struggled in recent years in the mobile phone market. In 2012, the company has 8.4 percent of the market share, but has since dropped to 4 percent as Apple and Android phones continue to increase in popularity.
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