NEW YORK — Sony is unveiling a slimmer, lighter, cheaper version of its PlayStation 4, as well as a Pro device targeted at hardcore gamers that features high-resolution images and a 1-terabyte hard drive.

The Japanese electronics company revealed the long-rumored updates to its video game console at an event in New York's Times Square Wednesday. It coincided with Apple's annual product event in San Francisco that produced updates to the iPhone and the Apple Watch.

The slimmer, more energy-efficient PS4 effectively replaces the existing model. It will cost $300, down from $350 for the previous version, and go on sale later this month in most markets.

Sony says more than 40 million units of the PlayStation 4 have sold to date.