Nintendo preps Wii successor for June 7th unveiling

With profits down 66%, Nintendo hopes that its much-anticipated follow-up to the Wii will reinvigorate gamer interest and profits.

With the Wii wheezing its dying breaths, Nintendo is finally nearing the announcement of the console's successor.

On June 7 at 9 a.m. PST, Nintendo will hold a media briefing ahead of this year's Electronic Entertainment Expo. It was during this same event that the company announced the Wii in 2006, and it's expected that Nintendo will make a similar console announcement this year as well.

A successor to the Wii could not come at a better time.  WIth a 66% dip in profits due to lagging console sales, Nintendo is itching for a repeat of its massive success with the Wii. And the company hopes that its next console will be just that.

Nintendo won't be the only company to hold a pre-E3 briefing. Both Sony and Microsoft have conferences planned for Monday, June 6. Like Nintendo, Microsoft may also drop details on its next console.