Sony's E3 Media and Business Summit press conference takes place after those of Microsoft and Nintendo, but the electronics giant doesn't seem content to wait to see what its opposition has in store to talk about its own news. Yesterday Sony announced a $100 price drop for its 60GB PlayStation 3, as well as a new 80GB model that will come bundled with a copy of MotorStorm.

　　Today, PS3 owners are getting an idea as to what that extra space will be used for, as a Sony representative told Newsweek editor N'Gai Croal that the company is working on a downloadable TV and movie service for the system. Croal said he was told by the rep that Sony will talk about the service at its press conference Wednesday, but it won't go into detail about it, as it's not yet in a polished state.

　　Microsoft introduced a similar service on the Xbox 360 last November. That service--part of the Xbox Live Marketplace--allows users to purchase TV episodes for download or rent feature films with some available in high-definition formats. Sony has previously talked about expanding its iTunes-like Connect service to allow for music and movie downloads to the PlayStation Portable, but has remained mum on the subject since last March.

　　Check back with GameSpot for complete coverage of the E3 Media and Business Summit.