Struggling BlackBerry Plans To Go Private

BlackBerry is about to sell itself to a private investment group.

FOX Business Network’s Adam Shapiro has the story:

BlackBerry may go private. If Canadian insurance firm Fairfax Financial succeeds in closing a $4.7 billion dollar deal to take BlackBerry private. Shares of BlackBerry were in free fall after last Friday’s shockingly poor earnings report. In which the once dominant smartphone maker reported an almost $1 billion dollar loss and sales far below expectations despite the launch of new BlackBerry smartphones. BlackBerry, which once controlled 50% of the smartphone market as recently as 2009, today has less than 3% of the smartphone market. The deal is expected to close by November 4th.

Adam Shapiro, FOX News Radio.

Editor’s Note: This deal comes just a few days after Blackberry announced its slashing its workforce by 40%, eliminating 4,500 employees.