Gamers are gearing up for a huge announcement from Sony.

The entertainment and consumer electronics company is expected to announce the highly-anticipated successor to the PlayStation Three video game console at an event in New York City.

Maggie Lake explains why Sony has so much at stake in the next-generation device.

Sony has a special media event scheduled for 6 p.m. Wednesday in New York City, where it's widely expected they will show the new PlayStation to the world for the first time.