The new Xbox One SKU will continue to deliver all the great Xbox One features, including access to multiplayer on Xbox Live and unmatched blockbuster games like "Titanfall," "Call of Duty: Ghosts," "Forza Motorsport 5," "Dead Rising 3," "Ryse: Son of Rome" and upcoming titles such as "Watch Dogs," "Destiny" and "Sunset Overdrive." You can also access popular entertainment apps, such as Twitch, YouTube, and Netflix, as well as watch live TV and use OneGuide. That's in addition to the features that already make the Xbox One great, including the ability to get game invites while you watch TV, switch between games and entertainment apps, enjoy Twitch broadcasts, and upload your favourite gaming moments.

Check out the full statement from Phil Spencer here