NEW YORK (FORTUNE) - In a room full of advertisers at Univision's upfront a couple of weeks ago, the company presented itself as a "new media" entity. Absent from Univision's presentation, however, was any mention of how the network planned to integrate the web into its strategy, especially as networks like ABC and NBC respond to the demand for online video content of popular TV shows.

As it turns out, the Spanish language media giant may have to hold off putting its novelas online. Until 2017.

Univision (Research) (which is up for sale) consistently draws top primetime ratings with its novelas, especially among the 18-to-34 demographic. So it seems natural to offer its tech-savvy demographic video of novelas on the web.

But it looks like electronic rights were not part of the discussions when Univision signed the contract with its Mexican content partner, Grupo Televisa (Research) (which also currently owns 11.4 percent of Univision), in 1992. Univision President and COO, Ray Rodriguez, said this is a case of a "difference in opinion."

Diverging opinions or not, smaller rival Telemundo (owned by NBC Universal) has joined Yahoo to create a bilingual portal that could draw 11.5 million visitors a month, 1.5 million more than Univision.

Don Browne, President of Telemundo says " Univision has a credible supply line [of content from Televisa], but when someone else is controlling your destiny, there's a problem. We control our own destiny."

Though Telemundo only draws 20 percent of the Hispanic viewership, the Yahoo (Research) venture is a definite leg up on the online front.

Still, on the bidding front, Univision is expected to do just fine. The sale of the network is anticipated to be somewhere between $11 billion and $13 billion. And Grupo Televisa, hoping to get around federal regulation that bars foreign companies from owning more than 25 percent of a U.S. broadcaster, has joined a consortium of private-equity companies to bid for Univision. Grupo Televisa's coalition includes, Cascade Investment (owned by Bill Gates), Bain Capital, Blackstone Group LP, Carlyle Group, and Kohlberg Kravis Roberts & Co.

Competition may be stiff, though. Another group of high-profile private-equity firms, comprised of Texas Pacific Group Inc., Thomas H. Lee Partners, Madison Dearborn Partners LLC and Providence Equity Partners Inc., is also planning a bid for Univision.

It's clear that everyone's anxious to enter the Hispanic market, Univision's suitors and potential advertisers alike, but chances are that the online dispute won't get resolved before the June 8th deadline for bids, and that could be a problem for the new owners.

Jose Cancela, founder of Hispanic USA and former Univision executive, cautions potential buyers, "If anyone does a deal without having Televisa on their side, it'll be a big blunder."

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