The advent of the smartphone has not been kind to BlackBerry, the Canada-based device maker whose products once dominated the C-suite and the trading floor. In survival mode, the company has been slashing costs and laying off thousands of employees. Today, Fairfax Financial, a Canadian insurance company, threw its compatriot a lifeline. Fairfax agreed to acquire BlackBerry for $9 a share, or about $4.7 billion, and BlackBerry has agreed to the deal in principle. The price, while still significant, marks a huge markdown from BlackBerry’s peak value; the share traded at about $148 in the summer of 2008. Read it at CNBC.
Who says we’ve reached peak Apple? Over the weekend, the company once again captured the public’s imagination (and dollars) with the launch of two new iPhone models. The Daily Beast’s Will O’Connor on the frenzied launch and how the markets reacted. Read it.