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REDMOND, Wash. (

TheStreet

) --

Microsoft

(MSFT) - Get Microsoft Corporation Report

said Thursday it was slashing the price of its Xbox 360 Elite game console by $100 to $299.99.

The price of the company's Xbox 360 Pro console is being cut $50 to $249.99 while supplies last, an indication the software maker is phasing out the mid-range game player.

Microsoft's price cuts follow last week's moves by

Sony

(SNE) - Get Sony Corp. Report

to reduce the price of the PlayStation 3 by $100. Microsoft's high-end Xbox 360 Elite and the PS3 are now priced similarly.

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The price cuts are effective Friday, said Microsoft spokesman David Dennis.

Microsoft's announcement leaves only

Nintendo

without a price cut for the fall. Nintendo's Wii has cost $250 since its launch nearly three years ago.

Microsoft has sold more than 31.4 million of the Xbox 360 machines globally, compared with 23.7 million PS3 machines sold by Sony and 52.6 million Wiis.

-- Reported by Joseph Woelfel in New York

.

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