Sony says it is cutting the price of its PlayStation 3 gaming console by $50 in an attempt to drum up demand for the 5-year-old video game console.
It's now $249, down 17 percent.
The last time Sony Corp. lowered the price of the PlayStation 3 was in 2009.
The price cut announced Tuesday comes less than a month after rival Nintendo Co. cut the price of its handheld Nintendo 3DS player. The 3DS launched with much fanfare but lost sales momentum. That device lets players view 3-D games and videos without special glasses. But the value of 3-D is not apparent to everyone. The iPhone and other smartphones are also competing with handheld gaming devices.
Sony is launching its handheld PlayStation Vita in the U.S. early next year.