It’s official! Microsoft has now announced a price drop for its Xbox 360. The 120GB Elite model will drop $100 to a $299 price tag (but will no longer ship with an HDMI cable), matching that of rival Sony Playstation 3. The 60GB Pro model will drop to $250 until it is completely phased out, and the Xbox Arcade will keep its $199 price tag. The price cuts will take place on Friday, August 28th.

Production on the Xbox 360 “Pro” has been halted so supplies may be limited.