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Univision Confirms It's on the Block

A sharp rally greets a 'New York Times' report.

Updated from 10 a.m.

Univision Communications


surged 11% after putting itself on the block.

The company's board met Wednesday to confirm it would retain the banking services of UBS. Earlier,

The New York Times

reported the Spanish-language broadcaster was close to putting itself up for sale.

Wednesday afternoon, the company issued a statement affirming it would seek strategic alternatives including a possible sale.

The ever-growing U.S. Hispanic market has long been eyed by large media companies. Huge media players from

News Corp.








are expected to show interest in Univision.

The Los Angeles company won't come cheap. Though looked at as a takeover possibility for years, Univision has always been viewed as a pricey acquisition. The company is likely to fetch far more than its $10 billion market cap at Wednesday's speculation-aided levels.

Early Wednesday, shares were up $4.12 to $34.66.