Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn).

Blackberry said in statement that Fairfax, its largest shareholder with about 10% of the stock, had offered $9 a share in cash to buy the company.

Trading in Blackberry shares was temporarily halted in New York pending the announcement.

Engadget is reporting that the Wall Street Journal has stated that the sale of BlackBerry will be completed by November. This could be as a whole or in parts.

A sad day really, as once BlackBerry was a market leader. It just shows you how fast technology changes.