Update:

Microsoft says these bundles are available "for a limited time." A Microsoft spokesperson provided IGN with the following statement:

"The recent price reductions on select Xbox 360 consoles and bundles are a part of our great holiday pricing promotions available for a limited time this holiday season. Stay tuned for more details."

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Microsoft has announced a $50 price cut for Xbox 360. Just in time for the holidays, Microsoft has revealed two new bundles priced at $250 aimed at hardcore gamers and at families.The first bundle offers a 250GB Xbox 360 and includes a download voucher for The Elder Scrolls V: Skyrim along with a copy of Forza Motorsport 4 , a headset and a controller. The second bundle, aimed at families, includes a 4GB Xbox 360, a Kinect sensor and copies of both Kinect Adventures and Kinect Disneyland Adventures. Both sets also include one month of Xbox Live, Hulu Plus and Epix Movies.This is the second price drop we’ve seen today, following Nintendo’s Wii price cut announcement this morning. Nintendo is surely prepping for Wii U and Microsoft may be doing the same for its new system considering we last heard Microsoft is targeting the next Xbox for September 2013 For more on the games in the bundle, read our Forza 4 review , our Skyrim review , our Kinect Adventures review and our Kinect Disneyland Adventures review

Andrew Goldfarb is IGN’s associate news editor. Keep up with pictures of the latest food he’s been eating by following @garfep on Twitter or garfep on IGN.