Shares in Spanish-language broadcaster Univision Communications surged nearly 11 percent in heavy trading Wednesday afternoon as the market responded to rumors that the company is considering its strategic options, including a possible sale.

News of a possible sale was first reported in The New York Times.

Univision’s stock was up $3.21 to $33.75 as trading volume surged nearly tenfold amid speculation that the country’s biggest Spanish-language broadcaster might be sold to a big-name media company such as Time Warner, CBS Corp. or News Corp.

Based on the company’s recent stock price average, Univision is worth just under $10 billion. The company also has radio stations, a music company and an Internet operation.

Univision’s board was expected to make a decision about its future direction during a Wednesday board meeting.