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PS Vita gets a chunky price cut

Sony's fledgling PlayStation Vita gets what we've all known it's needed: a solid price cut.

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At the Gamescom conference in Cologne, Germany, today, Sony announced that its fledgling PlayStation Vita portable gaming console would get a price cut from $249 to $199.

This cut is effective immediately with U.S. retailers like Best Buy and Amazon already selling the Vita at its new lower price.

This is a developing story and will be updated as we learn more details.