The two UK outlets were the unofficial magazines for each system, though Future has confirmed that it will continue to publish Official Xbox Magazine and PlayStation Official Magazine in the UK.
"This decision has been taken as Future continues to focus on its strategy on accelerating digital growth across its international digitally-focused brand business," Future Publishing's Clair Porteous said in a statement.
Staff will reportedly be redistributed to the publisher's other magazines.
Future has been consolidating and closing many of its magazines, announcing earlier this month that it will shut down PlayStation: The Official Magazine in the US. Nintendo Power will also be shuttered, with the last issue arriving in December.
PSM3 editor Daniel Dawkins wrote a letter to fans announcing the closure on the magazine's Facebook page.
Read the full PSM3 closing letter below:
OK, some serious news. Sitting down?
Good. This isn't easy.
The new issue of PSM3 - that reaches subscribers and stores tomorrow - will be the penultimate issue of PSM3 to be published. We'll have another issue out 12th Dec, but that's it. No more. Gone.
Don't be sad. It's too late for that now. In truth, we've been finding it hard to keep the magazine at the level we'd like for a little while now, and we'll all be grateful of the rest. Like that bit at the end of MGS4 where Big Boss toots on a cigar. Finally at peace. While, er, coughing his lungs up.
We've always given everything for what we do - for what we've done for over 12 years - and it seems fitting to ride out while we're still producing great content. We would say that, obviously, but the new issue, on-sale 14th Nov, is one of our favourites ever. Ever. That's saying something. We're going out with a bang: revealing everything you need to know about PlayStation 4. We can't say more, but it's *seriously* worth a read.
So, chin up. The soul still burns. We're planning a huge celebration for our final issue, and would love to know what you'd like included - or anything you'd like us to reveal. Within, er, reason. If you're feeling kind, and would like to leave some nice words for our final letters page, please do so below - or we'll set up an official 'goodbye' post later on.
Subscribers will be receiving a letter from PSM3 Editor Daniel Dawkins explaining what will happen to their subs. Bottom line: you can switch it to Official PlayStation Magazine, or get your money back.
This isn't our final word. Far from it. But, hey, at least some folk might cut us a little slack for missing the odd podcast ;)
Thanks to you. Always. For making this community genuinely interesting, friendly and brilliant - long may it continue.
New issue details tomorrow!