RIM prepares to cut losses on NewBay in fire sale of assets

The plotting of Research In Motion’s great escape from potential ruin continues to unfold, as the company is reportedly preparing to sell its cloud-specialising subsidiary, NewBay.

RIM’s financial strife has been well-documented, and the company revealed earlier this year that it had drafted in bankers from JP Morgan and RBC Capital to evaluate its strategic options and re-balance the books to help secure its perilous future.

Reports today suggest its latest fundraising ploy is the sale of NewBay, the Irish software firm which enables users to store and share pictures, videos and other content in the cloud. Reuters cites a “source familiar with the matter” as revealing the plan, which may come alongside the sale of other minor assets recently acquired by RIM.

The Canadian company will be hoping to recoup a substantial portion of the $100 million (£64 million) it spent on the NewBay acquisition, which was completed less than a year ago. Selling for a price that would leave RIM nursing a significant loss on the NewBay project could well draw the wrath of investors, who “didn’t seem impressed” when the initial takeover was announced.

Another strategy apparently being considered by the firm is a partnership with a fellow tech company. Rumours of a purported link-up with Samsung, which may have involved licensing out the BlackBerry 10 OS, was swiftly rejected by the Korean giant.

Despite this slap in the face, some believe the anticipation surrounding the new OS’s release, as well as the launch of its new 4G LTE PlayBook tablet, may trigger a resurgence for RIM.

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