Microsoft and Sony are at each other's throats

A big battle is brewing in the world of video games. The battlelines for the living room were drawn this week at the Electronic Entertainment Expo (E3), the annual trade show for all things video games, as Microsoft and Sony solidified their plans to introduce new consoles this year.

Microsoft's presentation this week was all about software. Last month the company officially unveiled the Xbox One, its third console and the first all-new one in eight years. In a rapid-fire press conference, Microsoft offered a glimpse of 13 upcoming titles for the season and announced that the Xbox One will arrive on November 21 for $499.

Following its Monday morning press conference in Los Angeles, it looked like it was score one for Microsoft, but then Sony made quite the power play and introduced its own lineup of what could be "must play" games, and more importantly announced that the PlayStation 4 would also arrive this holiday season and for $100 less.

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