Grupo Televisa SA, the world´s largest Spanish-language broadcaster, said it is studying the purchase of Univision Communications Inc. but isn´t in talks with the company.

Univision, the No. 1 U.S. Spanish-language network, said in a Feb. 8 statement it is considering options that include a putting itself up for sale. Los Angeles-based Univision hired UBS AG as a financial adviser, the company said.

"We are not participating in the process that Univision and UBS began some weeks ago," Televisa Executive Vice President Alfonso de Angoitia said during an earnings conference call Friday.

"I guess we are in the early stages of analyzing the different scenarios to determine whether it makes sense or not for us," he said.

Rapid growth among the Hispanic population in the United States and an ongoing feud between the two broadcasters has fueled speculation that Mexico City-based Televisa will attempt to purchase Univision. Televisa, which provides 30 percent of Univision´s programming under a contract that runs through 2017, sued the company last year, alleging it edited shows without authorization and failed to pay royalties for a program.

"I think that they are going to want to participate in the process but they´re just not saying it right now," said Martin Lara, an analyst with Santander Securities in Mexico City.

Televisa on Thursday said net income in the fourth quarter climbed 33 percent to 2.5 billion pesos (US$236.7 million) from a year earlier.

SHARES

Univision shares surged up to 13.6 percent in the two sessions following the Feb. 8 announcement. For the year, Univision stock has risen 16 percent. The shares fell 5 cents, or 0.2 percent, to US$33.93.

Televisa shares fell 1 peso, or 2.3percent, to 42.92 pesos in Mexico City trading. The stock has lagged the Bolsa index in the past year, rising 22 percent compared with 40 percent gain in the index.

In 2006, Televisa will increase capital spending 13 percent to US$280 million, Angoitia said.