Sony has come flat-out and said it does not plan on making an announcement about a new home console at this year’s E3, contradicting recent reports.

Kaz Hirai, who essentially oversees all of Sony’s videogame and consumer electronics, said the company always viewed PlayStation 3, which debuted in 2006, as a product with a 10-year life cycle and he sees no reason to rush to replace it with a new system. It’s important to note that when companies talk of a ten-year life cycle it doesn’t always mean they won’t come out with a new product before those ten years, it more means they want their product in this case the PS3 to still be selling and relevant ten years later. We have seen in the past especially with the PS2 that a console can still sell even with its successor out on the market.

E3 is slated this year for early…

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