Microsoft cuts price of high-end Xbox 360 by $100

Microsoft has confirmed weeks of speculation by formally announcing a price reduction of $ 100 in Xbox 360 Elite model, now scheduled for the spot price competition $ 299.

The newly discounted Elite, which packs a 120 GB hard drive, will replace the company's standard 60 GB Xbox 360 Pro model, which itself will enjoy a $50 price cut (to $249) while supplies last. Microsoft will continue to sell the budget-minded but feature-lite Xbox 360 Arcade model alongside the Elite at its current price of $19.

Before a week ago on 18 august,2009 Sony Corp.said it would cut the cut the price the PlayStstion 3 by $100 to $299 and that a slimmer version of gmingwill be available fomm sept 1.