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E3 2013: Watch Microsoft's Xbox One press conference live

Microsoft is holding press event in Los Angeles on Monday to kick off the 2013 Electronic Entertainment Expo (E3).

The tech giant is widely expected to show off new games for its next-generation video game console -- the Xbox One. Rumors also suggest that Microsoft will cut the price of the Xbox 360.

Microsoft unveiled the Xbox One in May. The new console's features will include: voice command, cloud integration, universal gestures and the familiar Xbox Live home screen.

Xbox One will be available worldwide "later this year." There are no current details on pricing. It's also unknown if the Xbox One is backwards compatible with the Xbox 360. Microsoft may answer those questions today.

Microsoft's press conference starts at 9:30 a.m. PT. GameSpot is streaming the event live starting at 9 a.m. PT. CNET will be reporting from the event with a live blog.