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NEW YORK (AP) - Shares of Spanish-language broadcaster Univision Communications Inc. shot higher on Wednesday after a news report said the company was considering a possible sale.
Univision's shares jumped $3.31, or 10.8 percent, to $33.85 in morning trading on the New York Stock Exchange, after reaching a new 52-week high of $35.01 earlier in the day. Volume was very heavy at 9 million shares versus a daily average of 1.5 million shares.
The New York Times reported Wednesday, citing unnamed sources, that Univision's directors are expected to meet Wednesday to decide whether to sell the company. Univision has hired UBS, its investment bank, to run an auction if it approves the plan, the Times reported.
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