Both The Independent and The Independent on Sunday are to close in March 2016.

ESI Media has confirmed that The Independent and The Independent on Sunday newspapers will be closing in March 2016.

This news comes shortly after it was announced that the i was sold to Johnston Press for £24M.

Following it's print closure, The Independent will continue as a digital-only title.

Evgeny Lebedev, owner of ESI Media, said in an email to staff: "We faced a choice: manage the continued decline of print, or convert the digital foundation we’ve built into a sustainable, profitable future."

Lebedev also revealed that a "significant number of employees" would move to Johnston Press, but that a "number of employees" will be made redundant.

As part of the transition to digital-only, 25 "new content roles' will be created.

In addition to the new roles, a new subscription app will be launched, and new editorial bureaux will be launched in Asia, the Middle East, and Europe.

The final edition of The Independent will be published on 26th March 2016.

The final edition of The Independent on Sunday will be published on Sunday 20th March 2016.