At a press conference in Japan this morning Sony announced a $100 PS Vita TV console which will be available in Japan on November 14th.
A Western release date has not yet been announced.
The device has a slot for PS Vita memory cards and can play over 1,300 Vita, PSP, and PlayStation One titles. It will retail for 9,954 yen but needs a DualShock 3 controller to operate which is not included in the base package. A bundle containing the controller will be sold for 14,994 yen.
The system can also be used to play PS4 games via remote play and can also be used to view online streaming services such as Hulu.
For more information, you can read Sony's press release here.