PS2 Price Drop

The new price, which takes effect on Wednesday, represents a 23% drop and is likely to extend the life of Sony’s previous-generation console. In addition, the cut makes it more likely Sony will drop the price of the PlayStation 3, Dow Jones Newswire reported. The PS3 sells for $399 and lags in sales to rivals the Microsoft (NSDQ: MSFT) Xbox 360 and Nintendo Wii.