Just a few days ago, Microsoft's Xbox One Slim was still only just a rumor, but the company confirmed the console today at its E3 presentation.

Microsoft revealed the Xbox One Slim and gave E3 audiences more details about the new console's specs, price and release date.

To start, the Xbox One Slim lives up to its name: it is 40 percent smaller than the current Xbox One. However, good things come with the smaller package, including a hard drive with up to 2 TB that can output 4K video. The Xbox One Slim also has the ability to stand up vertically and features a new and improved controller design.

However, that's not all: the Xbox One Slim also features an IR blaster that will allow users to operate their television sets without needing a Kinect. The Xbox One Slim doesn't have a dedicated port for Kinect, though, so players still wanting to hook up a Kinect will need a separate USB adaptor.

Microsoft dubs the new console the "Xbox One S."

"Introducing the new Xbox One S," Microsoft writes. "Play the greatest games lineup, including Xbox 360 classics, on a 40 percent smaller console. Experience richer, more luminous colors in games and video with High Dynamic Range technology. Stream 4K video on Netflix and Amazon Video, and watch UHD Blu-ray movies in stunning 4K Ultra HD. Includes the newly streamlined Xbox Wireless Controller."

Another appealing feature of the Xbox One S is its price: a 500 GB HD version retails for $299. That, however, doesn't include the new controller. The company also gave gamers an idea of when to expect the console to show up in stores: August 2016.

This news comes on the heels of information that Sony won't feature its updated version of the PlayStation 4 (dubbed Neo) at its presentation this year. If that's the case, Microsoft made a good move in announcing its newest version of the Xbox One first. Gamers also wait to see if Nintendo will announce its next console, the NX, at this year's presentation.

This new Xbox One arrives when sales of that console have been significantly lower than the PlayStation 4. Microsoft hopes to capture more of a player base by offering a new and updated version of its latest generation of console.

Microsoft also recently announced new customizable Xbox One controllers that come in a variety of new colors.

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