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Xbox 360 Pro to Cost $299 - 7/11/2008 1:08:31 PM   

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Microsoft is expected to cut the price of its best-selling Xbox 360 Pro model to $299 from $349, according to sources in the retail business.

Microsoft plans to lower the price of the Xbox 360 model with the 20GB hard drive this weekend before the video game industry's biggest trade show, E3, taking place next week in Los Angeles.

A price cut has been widely reported by popular video game blogs and technology Web sites. Many posted snapshots of flyers from various retailers advertising the $299 price.

Microsoft last cut the price of the Xbox Pro in August, from $399 to $349, prior to the release of "Halo 3" the following month.

A cut to $299 makes the Xbox 360 Pro $100 less than Sony 's PlayStation 3 with a 40GB hard drive. Recently, Sony' chief financial officer Nobuyuki Oneda said that the company had no plans to reduce PS3's price, in an effort to concetrate in the profitability.

Nintendo's $249 Wii is still in short supply at many retailers, making a price cut hard to swallow.

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