Spanish-language media giant Univision Communications (NYSE:UVN) yesterday reported fourth-quarter profits up 62% on a 44% jump in revenues. For full-year 2003, revenue rose 20% and net income a stunning 80%. Muy bueno!

It doesn't hurt that the Hispanic community is the largest minority in the U.S. -- and growing. TV revenues, which accounted for more than 70% of fourth-quarter sales, benefited from a 10% gain in primetime viewers ages 18-34. Eso es grande!

By contrast, General Electric's (NYSE:GE) NBC, Viacom's (NYSE:VIA) CBS, News Corp.'s (NYSE:NWS) Fox, and Disney's (NYSE:DIS) ABC all had to deal with a 10% decline in their primetime audiences.

And the good news doesn't stop with the tube. Same-station revenue for Univision's newly acquired Spanish radio network (representing 19% of fourth-quarter revenues) came in 11% higher. English-speaking counterparts like Clear Channel (NYSE:CCU) had to deal with no growth. Lo siento.

Since my review of the last quarterly report, Univision shares are up nearly 6%. Excelente! The bad news is the stock's rich 66 times earnings multiple. The company generated more than $270 million in free cash flow last year, and has an acceptable $1.3 billion in total debt, but I don't get that earnings multiple. After all, management expects first-quarter operating income to increase by a "low double-digit percentage."

Univision has come of age and has enjoyed and delivered some explosive growth, but that's the past. There is growth to come, but the cost of buying that growth is getting dear. Sadly, this great company dominating a great and growing market comes at too high a price. Demasiado malo.

Fool contributor W.D. Crotty owns stock in News Corp. and Disney. W.D. wished he'd used his childhood friends to teach him Spanish, for he knows too little to have a decent conversation.

Visit The Motley Fool discussion boards to discuss with other investors everything from Univision to great movies -- or just talk to other Spanish-speaking Fools.