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40GB PlayStation 3 to launch imminently

The PS3 is about to get a lot cheaper...

Sony is poised to imminently launch the cut-price 40GB PS3 and reduce the asking price of the fully-fledged 60GB model. That's according to French newspaper Les Echos, whose reports have been picked up by the likes of CNN Money in the US.

The new 40GB model, which will apparently ship with two less USB ports and no memory card reader, will sell for €399 (£276). Meanwhile, the full-blown 60GB model will be reduced to €499 (£346) to boost sales over the Christmas period.

CNN Money got in touch with a Sony spokesperson who said that an announcement was "imminent".

By launching a sub-£300 PS3 in the UK and Europe, Sony is almost guaranteeing itself some solid sales in the run up to Christmas. The PS3 has been selling in disappointing numbers thus far; these prices may help the PS3 shift a serious number of consoles in the next few months.