Shack PSA: Xbox 360 $50 Price Cut Made Official, Target Adds $25 Gift Card

Target today confirmed the long-rumored price cut of $50 for the Xbox 360 Pro bundle by way of a promotional press release.

The cut lowers the price of the 20GB Xbox 360, coupled with a wireless controller, to $299.99. The company is offering a $25 gift card on top of the cut for an in-store promotion.

There is no word yet on whether or not the sale is indicative of a forthcoming 60GB Xbox 360 console. Stay tuned for news out of Microsoft's E3 press conference, scheduled for 10:30 AM PST this coming Monday.