"We have had to take a number of immediate decisions for the sake of the future of our business. This regrettably means letting go of more than 25 percent of our people. Viaplay CEO Jørgen Madsen Lindemann said in a letter covering the company's half-year results.

As part of its cost-saving plans, Lindemann also mentioned ViaPlay leaving the Baltic market.

Doing so is expected to come at a one-off cost of around €46.9 million to the company.

In Estonia, Viaplay broadcasts entertainment and live sports, including matches from the top leagues across Europe such as the English Premier League, Italy's Serie A, the Bundesliga in Germany and Spain's La Liga. Estonian men's national team games are also shown live on the platform.

The Estonian Football Association's (EJL) development director Mihkel Uiboleht told ERR, that ViaPlay's decision had come as a surprise. "We had no warning about this news. There is no more information yet, we only know as much as was in their review," Uiboleht said.

"We didn't know that this news was coming, but looking at Viaplay's recent economic figures, they had already announced various cutbacks earlier," he added.

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