Nintendo cuts price of Wii U game console by $50 as it prepares for arrival of new competitors

Members of the media watch a presentation from a riser at the Nintendo Wii U software showcase during the E3 game show in Los Angeles, Tuesday, June 11, 2013. (AP / Jae C. Hong)

WASHINGTON -- Nintendo is cutting the price of its Wii U video-game system as it braces for the fall release of new, competing consoles from Sony and Microsoft.

Nintendo announced Wednesday that it will reduce the price of the Wii U deluxe set from $349.99 to $299.99, effective Sept. 20.

The Wii U has struggled to find an audience. Nintendo sold 3.61 million of the consoles between the Wii U's launch last November and the end of June. The company aims to sell 9 million Wii U units over the fiscal year through March 2014.

Sony's new console, the PlayStation 4, is due Nov. 15 with a $399 price tag. Microsoft has not announced an exact launch date for its Xbox One, which will cost $499.