Barnes & Noble on Tuesday unveiled a new version of its popular Nook Tablet to compete directly with Amazon¡¯s Kindle Fire. Lining up with earlier reports, the new Barnes & Noble slate features the same specs as the earlier Nook Tablet, however the device¡¯s internal storage has been halved to 8GB. ¡±

For any customer who likes to read digitally, watch movies or TV shows, browse the web, or help their kids read and learn through interactive books and apps, our new $199 NOOK Tablet with 8GB is the best product value on the market,¡± Barnes & Noble CEO William Lynch said in a statement.

¡°NOOK Tablet is the highest-rated wireless media tablet in the 7-inch class, ultra-portable at under a pound, offers our exclusive VividView screen technology, and since its introduction this holiday has received rave reviews from customers about all its great features. We¡¯re pleased to now offer customers the ability to experience NOOK Tablet¡¯s unmatched content experience for only $199.¡±

Barnes & Noble also stated that its previous-generation Android tablet, the Nook Color, will drop to $169, undercutting the Kindle Fire by $30.