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Xbox One to be released 'around the world later this year'

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The next Xbox will be released "around the world later this year," Microsoft announced at the unveiling of its new console today.

Microsoft's next-generation Xbox One will be released roughly eight years after the debut of the Xbox 360, which launched in North America on Nov. 22, 2005.

The new Xbox will face the launch of Sony's new PlayStation 4 at retail this holiday season in North America.