- Associated Press - Tuesday, August 16, 2011

NEW YORK (AP) - 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.

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