BlackBerry maker Research in Motion is considering splitting its business in two, separating its struggling handset manufacturing division from its messaging network, The Sunday Times of London reports.

RIM, which last month said it had hired JP Morgan and RBC Capital to look at its strategic options, could break off its handset division into a separate listed company or sell it, the British newspaper reported without citing sources.

Potential buyers would include Amazon and Facebook, it reported, adding that RIM's messaging network could also be sold, or opened up to rivals such as Apple and Google to generate income.

An alternative option would be to keep the company together but sell a stake to a larger technology firm such as Microsoft , the newspaper said.

The company has been struggling to regain lost market share and sales for its once popular BlackBerry devices, but it's not having much luck in an industry ruled by Apple and Android. Fourth-quarter reports show a company loss of $125 million and a 25 percent drop in revenue, CNET reports, and the company announced last month that it would post an operating loss for the first quarter as well. 

RIM has announced a broad restructuring in an effort to save $1 billion by the end of the fiscal year, and has quietly begun layoffs as part of the drive. It also has lost key executives in recent months. The company's chief legal adviser announced her resignation last month after 12 years with the company, a week after the company lost its London-based head of global sales.