Wii U price cut by $50

Wii U, Nintendo's follow up on its popular Wii, failed to live up to expectations since its release last year, selling a comparatively paltry 160,000 units from April to June. With strong competitors like Sony and Microsoft, the Japanese video game maker is trying to revive interest in the console.

Nintendo has brought the price of its "Deluxe" Wii U game console down from $349.99 to $299.99 in an effort to compete with the planned releases of Microsoft's Xbox One and Sony's PS4 this November, just in time for gift-giving season.

“Nintendo has one of the strongest and most diverse video game lineups in our history,” Nintendo of America President Reggie Fils-Aime said in a statement. “Today we’re making those unique Nintendo experiences more accessible and affordable.

In addition to the Wii price cut, Nintendo also plans to release an "entry-level" version of the DS. Called the 2DS, it will cost $130.