$50 price cut officially confirmed 

Microsoft announced today that it will reduce the retail price of Xbox 360™ by $50 beginning August 8 at United States retailers nationwide.

"The fact that we have been able to keep our launch price longer than any other console while retaining our leadership position demonstrates that consumers believe in the value of Xbox 360," said Mitch Koch, corporate vice president, Global Retail Sales and Marketing Group, Entertainment and Devices Division at Microsoft. "On the eve of the best holiday games lineup ever, and the launch of Madden NFL 08, there has never been a better time to jump into Xbox 360."