According to calculations by the Estonian public broadcaster ERR, such a Baltic-wide station would cost each nation 2.5 million euros per year.
The station would broadcast 20 hours each day, including two to three hours of local news, ETV reported on Thursday.
The idea was proposed by Latvian Television to counter information from Russia. ERR and Lithuanian TV have also given their approval, if the necessary funds are found.
The next step will be to apply for EU funding.