Spanish-language broadcaster Univision Communications confirmed Wednesday that it is exploring a series of strategic alternatives, including a possible sale of the company.

The news helped sustain a sharp run-up in Univision’s stock price, which began Wednesday morning after The New York Times first broke the news of the possible sale. Shares in Univision were up nearly 12 percent to almost $34 a share by the end of the trading day Wednesday.

The move comes after months of Wall Street speculation that Univision Chairman Jerrold Perenchio, at 75, might eventually seek an exit strategy for the company. Mr. Perenchio owns 10 percent of Univision’s stock and controls 50 percent of the voting power.

In a statement issued Wednesday afternoon, Univision said that as a way to boost shareholder value the board “has decided to begin a process to explore strategic alternatives … including, but not limited to, the raising of capital through the sale of securities or assets of the company, a recapitalization, strategic acquisitions and the combination, sale or merger of the company with another entity.”

The company also said it has no plans to issue updates about its decision-making process until it has chosen a course of action.