Three investment firms have formed a group to explore a bid for Spanish-language broadcaster Univision Communications Inc., Reuters reported on Thursday.

Goldman Sachs Capital Partners, Texas Pacific Group and Thomas H. Lee Partners have teamed up to weigh an offer for Univision, Reuters said, citing people familiar with the matter.

The sale is still in an early phase and the buyout group could back out or acquire new investors before making an offer.

Kohlberg Kravis Roberts & Co., the Blackstone Group and Bain Capital are also exploring an offer, sources said. It is unclear which, if any, of these firms may team up or join another bidding group.

Nearly two weeks ago, reports surfaced that a consortium of U.S. and Mexican investors were teaming to launch a bid for Univision. The group was said to include Mexican broadcaster Grupo Televisa SA, private equity firm Providence Equity, Cisneros Group and Los Angeles billionaire investor Haim Saban. On March 13, Televisa said it was not part of the consortium.

On Feb. 8, Univision announced it was considering putting itself on the market. The transaction is expected to be worth more than $10 billion.