Grupo Televisa

(TV) - Get Report

says it will not be "rolling over its shares" in


( UVN) as part of the company's sale process.

Univision last Tuesday agreed to a $12.3 billion, $36.25-a-share acquisition by a group including Madison Dearborn, Thomas H. Lee Partners, Providence Equity, Texas Pacific and Haim Saban. The decision shut the door on a rival bid by Televisa and its partners.

Televisa holds an 11.4% stake in Univision. The Mexican telenovela programmer said it is prepared to discuss a sale of its shares of Univision "as soon as possible based on the present value of the price per share set forth in the merger agreement."

In a

Securities and Exchange Commission

filing, Televisa, which is said to be very unhappy with the way the auction unfolded, also said it will attempt to get out of a programming agreement with Univision. Televisa says that if it is not bound by the agreement, it will be able to engage in new business opportunities in the U.S. without Univision participation.

Business possibilities could include partnering with


-owned Telemundo on programming ventures, or alternatively trying to start its own TV network stateside.

Televisa and Univision currently have a long-term programming agreement that runs through 2017. That agreement sits under the cloud of a long-simmering lawsuit between the two sides. Televisa charges that it has not been compensated properly by Univision for some programming.

On Wednesday, Univision shares dropped more than 1%, or 39 cents, to $33.54.