Sony Cuts $50 Off The PS3 Prices Drop To $249

Sony announced today that the company is discounting the price of the PlayStation 3 by $50 in North America and Europe, effective immediately.

Starting today the 160 GB PS3 and the 320GB PS3 will be available for $249 and $299, respectively. In addition, a limited edition inFAMOUS 2 bundle is now available at participating retailers across North America. The bundle retails for $299 and includes a 320 GB PlayStation 3, a copy of inFAMOUS 2 and a 30-day membership to PlayStation Plus.

"The new price will make the PS3 more accessible than ever before, so there’s never been a better time to join PlayStation Nation. We know that while future-proof technology is important to you, content is still king — that’s why we continue to focus on bringing you exclusive “must have” titles that are unmatched by anything else on the market. With games like Resistance 3, Ratchet & Clank: All 4 One and one of my personal favorites, Uncharted 3, all on the horizon, there’s a lot of great entertainment in store for you."

The new price is most likely designed to help spur sales of the PS3, which according to sales data provided by analyst group NPD, and released by Microsoft, has trailed behind the Xbox for 13 out of the last 14 months. This move may also help Sony recover some of the bad press and mounting costs associated with the company's infamous PlayStation Network hack. The company said the bill for that would top $140 million.