Microsoft Announces Xbox 360 Price Cut

Following an endless series of rumors, and a PlayStation 3 price cut to $300, Microsoft has finally confirmed that the price of the Xbox 360 will drop on Friday, August 28.

According to Microsoft's Larry "Major Nelson" Hyrb, the 120GB Elite version of the console will be marked down $100 to a total of $299, while the 60GB Pro will be drop to $250 until it is phased out. nope The new prices follow:

Xbox 360 Elite (120GB HDD): $399.99 now $299.99
Xbox 360 Pro (60GB HDD): $299.99 now $249.99 (While supplies last)
Xbox 360 Arcade (256MB - 512MB internal storage): $199.99

Production of the Pro has already been halted, and only the 120GB Elite and the Arcade will remain on store shelves eventually.

Microsoft's Aaron Greenberg also confirmed to Kotaku that the Elite will no longer ship with an HDMI cable, while denying rumors of an upcoming "slim" version of the console.

Sony recently announced its $300 PlayStation 3 Slim, a svelte version of the system with a 120GB hard drive for $300.