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UPDATE 1-Amazon cuts Kindle price to $299

Wed Jul 8, 2009 4:10pm EDT

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SAN FRANCISCO, July 8 (Reuters) - Online retailer Amazon.com (AMZN.O) has cut the price of its standard Kindle electronic reader by 17 percent to $299, the company said on Wednesday.

The price cut comes amid a budding digital book battle between Amazon and Sony Corp (6758.T) (SNE.N) and a host of smaller competitors anxious to get in on the ground floor of what some say is the future of reading.

Electronic readers allow consumers to read their favorite books, magazines or newspapers on a tablet that downloads content digitally. While the devices are convenient for those who travel, their high prices have been a barrier to many.

Amazon shares rose $1.73, or 2.3 percent, to close at $77.36 on Wednesday on the New York Stock Exchange.

(Reporting by Alexandria Sage; Additional reporting by Brad Dorfman; Editing by Richard Chang)



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