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BlackBerry kills buyout plan, ousts CEO

In another attempt to stay alive in the mobile world, BlackBerry has abandoned the plan to sell itself to its largest shareholder, Fairfax Financial Holdings. Instead, it announced that it would get $1 billion in outside investment to finance a turnaround.

BlackBerry CEO Thorstein Heins is being jettisoned along with the sellout plan.

He will be replaced by interim CEO John Chen.