Clair Porteous, Future's Head of Entertainment, said in a statement: "After careful consideration, Future has made the decision to close Xbox World and PSM3 magazines with the final issues going on sale on December 12.
"This decision has been taken as Future continues to focus on its strategy on accelerating digital growth across its international digitally-focussed brand business.
"Future's gaming portfolio saw over 14m unique users for October 2012 - up over 20% on October 2011. We intend and fully expect there to be no redundancies and will be looking to redeploy all staff within the business.
"Future continues to publish the highly successful Official Magazines for Xbox and PlayStation."