Microsoft Corp is slashing the price of its high-end Xbox 360 model by $100,giving compitition to Sony PlayStation 3. Though Microsoft spokesman David Dennis said the price cut has been in the works for some time, and was not a response to Sony’s move, which was announced last week yet the decision seems a  repercussion of Sony’s decision of cutting down the price of its Playstation 3 to $299, considering the situation.

Microsoft will drop the price of the Xbox 360 Elite to $299.99.

The price on the entry-level Xbox Arcade model will stay at $199.99, and Microsoft will phase out its mid-range Pro console, leaving it with two models. The Pro will sell for $249.99 until supplies run out. The global price cut is effective Friday.

Well, whatever be the reason because of which Microsoft is reducing the price of Xbox 360 Elite. The good news is that Xbox 360 Elite will fit into the budget of may more gamers :).

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