The new paper will appear each Thursday, from August 18. The final daily edition is expected to appear on Friday 12 August.
Editor Mel Cook said: "For many years the Scunthorpe Telegraph has been at the heart of the community in North Lincolnshire. This will remain so.
"The move to a weekly publication is a reflection of the changes in our readers' lives. People do not have time to read the newspaper every day. However, they still want to know what's happening in their area. They still want to know about the issues that affect their lives. And they still want the Telegraph to campaign on their behalf."