RIM is preparing to split its business in two, with the Canadian firm looking to hold on to its messaging and data networks while selling off its beleaguered BlackBerry business to the highest bidder.

At least that's according to a report by The Sunday Times, which claims the decision has been made following a strategic review carried out in conjunction with RBC Capital and JP Morgan.

Split to succeed

Though still a notable player in the smartphone scene, BlackBerry has been losing market share in most major territories around the globe ever since the launch of the original iPhone back in 2007.

Its fall from grace has resulted in heads rolling - most notably the removal of former co-CEOs Jim Balsillie and Mike Lazaridis.

Indeed, before his departure Balsillie reportedly proposed licensing its proprietary network to carriers in order to generate extra revenue for its business – a strategy The Sunday Times suggests could yet be employed by current CEO Thorsten Heins.

Regardless, it's now suggested RIM's entire handset business will be set loose, with the likes of Facebook and Amazon cited by the paper as "potential buyers."

A final decision will reportedly be made at some point this summer.

[Reuters via The Sunday Times]