Been rumored for months, but it’s now completely official. Microsoft formally announced today that the model-wide Xbox 360 price cut will fall into effect later this week on September 5.

To break it down, the HDD-less Arcade model is dropping to $199, effectively making it the cheapest current-generation console available. Meanwhile, the standard 60GB configuration will drop to $299 and the 120GB equipped Elite will carry a price point of $399 come Friday.

Xbox 360 Arcade $199
Xbox 360 $299
Xbox 360 Elite $399

Now it’s time to wait and see how this new pricing strategy will affect sales in North America.

Read more: Xbox 360 Elite Drops To $299 August 30, Pachter: Xbox 360 Price Cut “Imminent”, Rumor: PS3, 360 Price Cut Coming This Fall, Amazon Germany Lists 250GB Xbox 360, Rumor: Xbox 360 To Receive Price Cut In July