Los Angeles - Microsoft (NASD: MSFT) plans to slash $50 off the price of its Xbox 360 video game console in advance of the industry's E3 trade show this month, bringing the price for the 20GB model to $299, according to The Hollywood Reporter, which cited "a major retailer." The cut would make the Xbox 360 Pro $100 cheaper than Sony's (NYSE: SNE) 40GB PlayStation 3, and bring it closer to the top-selling Nintendo Wii, which currently costs $250.

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http://snipurl.com/2s8un (Hollywood Reporter)