It is not uncommon for gaming enthusiasts to complain that their PlayStation device has repeatedly failed to secure the IP address. This is usually due to a timeout of the information exchange between the router and the game console. Here's a simple way to ensure that your PS3 device obtains an IP address without having to do any serious reformatting.
How To Obtain an IP Address on the PlayStation 3
If your efforts to obtain an IP address with your PlayStation 3 are being met with an error message that reads, "the key information exchange has timed out," all you need to do is a simple router reset and check of your custom options.
The first step is to switch off your router. Wait about 30 seconds before switching the router back on.
Next, take a look at your connection settings. Here, instead of selecting the Easy option, choose Custom.
Allow your device to select everything automatically, including your DNS server and IP address.
This simple reset should enable the average PlayStation to register the desired IP address without timing out.