Sony cutting price of Playstation 3

August 16, 2011 3:49:50 PM PDT
Sony is slashing the price of its popular Playstation 3 console by 17 percent. The new price is $249.

The news comes less than a month after rival Nintendo dropped the price of its handheld 3DS.

The Playstation 3 price cut also happened as Sony is preparing to launch its new handheld Playstation Vita early next year.