Well, if it’s in The Wall Street Journal, it must be true: Micosoft’s Xbox 360 Pro game console will sell for $50 less, probably starting this weekend.

WSJ’s report, dated today, follows rampant speculation of the discount throughout the blogosphere in recent weeks. The rumors were fueled by several game blogs publishing images said to prove that major electronics retailers were preparing advertising circulars with the discount mentioned.

Microsoft had cut Xbox 360 Pro’s price before — by almost $50 last August

Now, with E3 approaching, Microsoft needs a public relations boost. Rival Sony’s PlayStation 3 has started selling better in part because Sony’s promoting it as a stand-alone Blu-ray movie player. Demand for Nintendo’s Wii — which does not compare to Xbox 360 or PS3 — continues to outstrip both consoles due to its motion-sensitive technology.

And no new “Halo 3″-level blockbusters are on Microsoft’s calendar this summer.

So, why not offer a price cut? It’s better than nothing.