It's also more consistent with "no longer", which implies a progressive action. An alternative is "will not support", which is no longer indicating (or does not indicate) that it had been supporting epub for a while.
That said, "will no longer support" is more succinct and clear enough.
“support”, as the author of the article suggests, should replace “be supporting”, not just “supporting”. The simple future is called for, not the future continuous.
This is answered in the next sentence of the article: it’s “support” not “be supporting,” Microsoft.
The is using the future continuous when the simple future is more appropriate to the message.