$50 price cut on the cards for Xbox 360

The Buzz: Major retailer indicates the price cut will be made to the 20GB model in the coming weeks.

According to the Hollywood Reporter, games industry sources have informed the publication that a $50 price cut to the 20GB Xbox 360 is imminent in North America.

Though unconfirmed by Microsoft, a major retailer, which remains anonymous, told the Hollywood Reporter that the price cut will be made prior to E3 which runs July 15-17.

If the price cut comes into effect the 20GB Xbox 360 will carry a retail price of $299 and will be the first official cut since the console dropped from $399 to $349 in August 2007.

While remaining at a higher price point than the Wii, the $299 Xbox 360 would be available for $100 less than Sony's 40GB PS3.