Univision Communications Inc. is exploring a possible sale, a move that would put an end to 12 years of private-equity ownership marked by an erosion of the Spanish-language broadcaster’s ratings dominance and an ill-fated venture into English-language content.

The company said Wednesday that its board was “reviewing strategic options” for the broadcaster, confirming an earlier report by The Wall Street Journal.

Univision’s owners have been searching for an exit for years, including oft-delayed attempts to take the company public. During that time, the television industry came under strain as many consumers abandoned cable packages, and a formidable rival emerged in the Spanish-language broadcasting field.

When Univision was bought for $13.7 billion by billionaire Haim Saban’s Saban Capital Group and a consortium of private-equity firms in 2007, it was the uncontested leader in Spanish-language TV programming in the U.S.

But in recent years, rival Telemundo, a unit of Comcast Corp.’s NBCUniversal, gained ground with edgy narconovelas—soap operas about Mexican drug lords—aimed at a new generation of bilingual Latinos.