Sony VP of Product Marketing Scott Steinberg has announced today that the PlayStation Portable is now available for $129.99 alongside some new PSP Greatest Hits and Favorites Collections.

To quote: Since launching in 2005, the PSP platform has had a profound impact on the way we play games while on-the-go, pushing the boundaries for cross-media entertainment and setting the benchmark for quality for portable games - not to mention selling 23 million units to date in North America and more than 67 million worldwide.

Today we're very excited to announce that the PSP-3000 system will be available for a new low price of $129.99 (MSRP) starting February 27, 2011, offering its greatest value to date. In addition, going forward PSP Entertainment Packs will be available for $159.99 (MSRP); bringing you everything you need to experience the PSP system and an even better value.

To get the word out on PSP's awesome new pricing, we'll be launching a new TV and digital marketing campaign. Be sure to keep an eye on some of your favorite networks including FOX, MTV and ESPN for the new TV spot. Here's your first look:

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We at PlayStation have always been committed to delivering value and offering you the unparalleled gaming experiences. That said, we're also adding a slew of new blockbuster titles to PSP's "Greatest Hits" and "Favorites" collections.

New additions to the $19.99 PSP Greatest Hits library include Assassin's Creed: Bloodlines, DISSIDIA FINAL FANTASY , LittleBigPlanet PSP, METAL GEAR SOLID: PEACE WALKER and Toy Story 3: The Video Game, while Daxter, Tomb Raider Anniversary and more are now priced at $9.99 as part of the PSP Favorites library. See below for a full list of new PSP Greatest and Favorites titles.

New PSP "Greatest Hits" Titles ($19.99)

- Assassin's Creed Bloodlines (Ubisoft)
- Dissidia Final Fantasy (Square Enix, Inc.)
- LittleBigPlanet (PSP)
- Metal Gear Solid: Peace Walker (Konami Digital Entertainment, Inc.)
- Ratchet & Clank: Size Matters
- Resistance: Retribution
- Toy Story 3: The Video Game (Disney Interactive)

New PSP "Favorites" Titles ($9.99)

- Crisis Core - Final Fantasy VII (Square Enix, Inc. )
- Daxter
- Monster Hunter Freedom Unite (Capcom)
- Killzone: Liberation
- SOCOM U.S. Navy SEALs: Fire Team Bravo
- Tomb Raider Anniversary (Square Enix, Inc.)

As you all know, the PSP platform enables you to take highest quality games and the industry's biggest gaming franchises with you in your pocket. Looking forward to delivering more in 2011!

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