Spanish television and radio giant Univision (NYSE:UVN) possesses demographics that would make any advertising or marketing executive jealous: It owns 80% of the U.S. Hispanic TV market; it boasts 2 million nightly viewers, up 67% from a decade ago; and it was one of the most popular television stations among the important 18-year-old to 34-year-old age group last year. Its programs are focused and predictable: game shows, soap operas (telenovelas), and titillation.

So why did it announce last month that it was seeking a buyer for its operations? When you're as big and successful as Univision has been, there are few avenues left on your march toward growth. Last quarter, the company reported that television revenue grew just 4.6%, respectable for most large media companies, but far lower than the 15.6% it had reported for the same period the year before. And as fellow Fool contributor Steven Mallas noted in December, Univision's ability to generate free cash flow has been slipping, with the trailing-nine-month figure dropping some 36% from the year before.

It's also facing tougher competition from the No. 2 Hispanic broadcaster, Telemundo, a division of General Electric's (NYSE:GE) NBC Universal unit. Although its audience has slipped from the mid-20% range to around 17% last year, the network has attempted some innovative programming, such as broadcasting NBA basketball games in Spanish -- until that was taken over by Disney's (NYSE:DIS) ESPN Deportes -- and broadcasting the Olympics from Athens, Greece. That did not generate the boffo ratings the station had hoped for, however, and it cut back on its coverage of the just-completed Winter Games in Turin, Italy.

While Univision's radio stations dominate, they are feeling the heat from competitors who are switching formats and pouring on the gasolina by featuring more reggaeton and so-called "Hurban" music -- Hispanic urban formats of hip-hop with a Latin flavor. Clear Channel (NYSE:CCU) was one of the first to adopt this style

Univision owns two television networks, 73 radio stations, and a cable TV channel. Its record label accounts for the bulk of sales in the U.S. Hispanic music market. All told, the company generated almost $2 billion in revenues and $227 million in profits over the trailing four quarters. It would make a complementary addition to Time Warner (NYSE:TWX) or News Corp. (NYSE:NWS), both of which are said to be interested in making a bid. Disney might also want to take a closer look, considering the push it has been making into Spanish markets. Its "Handy Manny" preschool cartoon will debut later this year, featuring a bilingual Manny Garcia and his talking tools.

It's also possible that the main provider of its programming, Grupo Televisa will make a bid, but being that it is a foreign company it would have to team up with a U.S. partner to get around laws which prevent foreign ownership of U.S. media properties.

All the interest on la calle, however, proves that even with slowing growth prospects, Univision is muy caliente.

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Fool contributor Rich Duprey does not own any of the stocks mentioned in this article. You can see his holdings here . The Motley Fool has a disclosure policy .