Russian businessman Evgeny Lebedev will cease print editions of the Independent and Independent on Sunday newspapers, with the last publication due to go out in March.

Owners Lebedev and ESI Media said the newspapers will move to a digital-only format and that there would be “some redundancies among editorial employees.”

Delighted to continue as i Editor in this exciting next chapter. Very grateful to @evgenylebedev for daring launch + generous backing (4/4) — Oly Duff (@olyduff) February 12, 2016

ESI Media said the ‘i’ – a compact sister paper – will be sold to Johnston Press, subject to approval from Johnston’s shareholders.

The last print issue of the Independent will be published on March 26, while the last Independent on Sunday will go out on March 20.

The @Independent is going digital. Fastest-growing quality uk newspaper site for past 3 years. Revenues 50% up last year ... — amol rajan (@amolrajan) February 12, 2016

Audience up 33% in past year. New bureaux in Europe, Middle East, Asia; investment in New York. @i100 renamed https://t.co/VLBFeL4UNk — amol rajan (@amolrajan) February 12, 2016

... 25 new content roles and new subscription mobile app also on their way. — amol rajan (@amolrajan) February 12, 2016

Impossible to over-state how proud I am of the most dedicated, clever, industrious and brave staff in the history of Fleet St #Independent — amol rajan (@amolrajan) February 12, 2016

“The newspaper industry is changing, and that change is being driven by readers,” said Lebedev.

“They’re showing us that the future is digital. This decision preserves the Independent brand and allows us to continue to invest in the high quality editorial content that is attracting more and more readers to our online platforms.”

Lebedev did not reveal how many of the 150 full-time staff will lose their jobs, although ESI Media said there will be 25 new “digital-content roles.”