Sony Cuts Price of PS3 by $100

Sony released a slimmer version of the PlayStation 3 and cut the price of its existing PS3 video game consoles. The new 120 GB PlayStation 3 Slim will sell for $299 beginning on September 1. It will replace the 80 GB and 160 GB PlayStation 3 models, both of which are being reduced by $100 for a price of $299 and $399, respectively.

The new price cut is intended to drive sales during the upcoming holiday season.