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August 20, 2009

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Sony introduces new PlayStation 3, cuts prices

SONY Corp slashed the price of the PlayStation 3 around the world in a move that analysts said is likely to boost sales of the game console while not adding much to its money-losing earnings.

The Japanese electronics maker introduced a revamped, slimmer version of the PlayStation 3 yesterday.

The new version increases its hard drive to 120 gigabytes from 80, and the price will be about US$100 cheaper.

Sony cut the price of the current model to the same price as the new model - US$299 in the United States from US$399, and in Europe to 299 euros (US$422) from 399 euros, but kept it unchanged in Japan at 39,980 yen (US$420).

Shawn Layden, president of Sony Computer Entertainment Japan, the company's gaming unit, said the new model will go on sale in Japan on September 3 for a lower price of 29,980 yen.

Sales of video games and consoles have been hit by the global slowdown, and speculation had been rife about a PlayStation 3 price cut.

The price reduction is coming ahead of the year-end shopping season, when game makers rake in most of their sales.

Sony lost 98.9 billion yen last fiscal year, its first annual loss in 14 years.



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