The company announced it will release the PlayStation TV for $99 in the US and Canada this fall during its E3 conference.
Users will be able to play a variety of PS3, PlayStation One, and PSP classic games through Sony's streaming game service PlayStation Now. PlayStation TV owners will also have access music and video streaming services.
If you have a PlayStation 4, the device will connect with it and allow you to play PS4 games on another TV in your home.
The console isn't a new concept. It was first released in Japan November 2013 as the PS Vita TV.
Consumers will need a PlayStation DualShock 3 controller to use the device that will not come with $99 standalone PlayStation TV.
A $139 bundle will come with a DualShock 3 controller, an 8GB memory card, an HDMI cable, and a voucher for "The LEGO Movie" video game.
Watch the announcement below:
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.