London - Sony Computer Entertainment Europe announced on Friday that it will launch a new 40GB PlayStation 3 model across Europe next week that will be priced at EUR399 ($564), as well as cut the price of its 60GB model to EUR499 ($705).

The new model, which Sony said was developed from feedback from existing PlayStation 3 owners, will no longer support PlayStation 2 titles, reduce USB ports from four to two, and no longer include a multiple memory card port.

"The introduction of the new PS3 has been the result of extensive research into the entertainment needs and preferences of the next generation of PS3 owners," said SCEE president David Reeves.

"It has allowed us to deliver an extremely advanced, yet incredibly affordable High Definition gaming and entertainment system, configured to the needs of the next generation of European PS3 owners."

Sony added that the new reduced price 60GB model will remain on sale only while existing stocks last.

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