Sony Entertainment has announced it is cutting the price of its PlayStation 3 game consoles.

In Europe, the price declined to 299 euros in the U.S. for $ 299 and in the UK for £ 249.99. Sony made the announcement at a press conference prior to the Games Convention 2009 - gamescom - in Cologne.

It also announced it was ending production of its current PlayStation 3 model for a new thinner lighter, with a 120 GB hard drive. Growth of the PlayStation 3 has been slow compared to previous releases, as critics put down, and that a high price compared to its competitors, Microsoft's Xbox 360 from £ 129 and Nintendo Wii at £ 169.

According to Sony's head,"It has the same features and functionality [as the old PS3], but now it is 32% smaller, 36% lighter and consumes 34% less power". For more information click here.