Pocket-lint reported yesterday that the BBC was considering axing BBC Three as a broadcast channel.

Today an official announcement has been released stating that BBC Three will stop broadcasting and be an iPlayer only channel by 2015.

READ: BBC 3 could get the axe but may survive on the iPlayer

The plan, outlined by BBC director-general Tony Hall, is aiming to save £50 million a year with £30 million of that going back into BBC One.

The lack of BBC Three will mean broadcast space will no longer be in use. That extra bandwidth will be used to extended CBBC by an hour a night and will provide a BBC One +1 service.

Hall said: "I believe it’s the right thing to do: young audiences – the BBC Three audience – are the most mobile and ready to move to an online world. 25 per cent of viewing by 16-24 year olds is to catch-up or other screens and over the next few years we expect that to reach 40 per cent."

This is the first time in the history of the BBC that it has shut down a channel. This whole proposal has been put forward to the BBC Trust who will have final say on if it will go ahead. Four years ago the BBC Trust saved BBC Radio 6 after protests from listeners.

The statement from Hall ends: "I am determined to ensure we embrace the new opportunities technology gives us - and match that with programming of the highest quality that is simply the best in the world."