Univision Confirms It's on the Block

A sharp rally greets a 'New York Times' report.
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Updated from 10 a.m.

Univision Communications

(UVN)

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.

(NWS) - Get Report

and

CBS

(CBS) - Get Report

to

Disney

(DIS) - Get Report

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.