Mere moments ago, Sony finally relented and confirmed its existence...

Some say it's the worst-kept secret in the history of mankind, but with its plethora of leaks involving multiple sources from overzealous retailers to factory spies, Sony has finally revealed the new face of PS3 to a largely unsurprised press pack.

During Sony's gamescom press conference – still going on as this story went to press – Kazuo Hirai stepped onto the stage in front of the assembled throng to give them the news they had been waiting for – the PS3 Slim exists.

With a matt finish and thinner design, the new PS3 model will cost a slightly-higher-than-expected €299. The product will go on sale in the first week of September while the existing model will be reduced to the new price point immediately. The PS3 Slim is 32 per cent smaller, 36 per cent lighter and consumes 34 per cent less power than the original.

The question remains, though, whether or not the new price tag and model will be enough to turn the console war in Sony’s favour, with its third PlayStation having struggled to repeat the success of its predecessors. Many analysts and critics were expecting a €249 price point, as anything more would surely not be enough to tempt consumers into the market.

There is no confirmation yet on the new pound sterling price point but NowGamer expects it to come in at the £249 mark.

For more information on this breaking story, and for all the best gamescom coverage, stay tuned to NowGamer.com.