Sony has announced that effective today, the 160GB PlayStation 3 model will retail for $249, $50 cheaper than it’s previous price. The 320GB console will also drop $50, going for $299.

While the announcement will no doubt spark a firestorm of “OMG PS4 to be announced!” headlines, the price drop is likely done to compete more directly with the console’s direct competitors, the Xbox 360, which retails for $199 ($299 with Kinect) and the Wii, which goes for $150 with Mario Kart bundled in.

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Joe Sinicki is Blast's Executive Editor. He has an unhealthy obsession with Back to the Future and wears cheese on his head. Follow him on Twitter @BrewCityJoe

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