The latest news from the US Census Bureau is a compelling argument for investing in Hispanic TV, says Irwin Greenstein.

Unless you’re a Spanish speaker, you probably don’t realize how much Spanish programming dominates the American airwaves. If you did you’d probably be pretty well off by now. But it’s not too late…

Because if you don’t have Hispanic media in your portfolio, today’s depressed prices could make this the perfect time to tune in for a long upside potential.

The global economic malaise and some corporate infighting have made the two leading Hispance media companies undervalued opportunities. And based on the latest census numbers, you may want to capitalize on America’s shifting demographics.

The numbers clearly indicate a boom in America’s Hispanic population. The US population is projected to grow to 439 million by 2050. Most of that growth will come from Hispanics. By 2050, about 33% US residents will be Hispanic.

The growth comes from a combination of immigration and new births. Hispanics will lead the new mix of America’s population. In 2050, the share of the black population will have increased by one percentage point to 15%. The Asian populations will rise to about 9% from 5% today. The growth of whites will remain virtually flat.

More Hispanics means more eyeballs in front of the TV. Two Spanish-speaking media companies are now dominant in Hispanic programming. Univsion Communications (UVN.MX) and Grupo Televisa (NYSE:TV).

These rivals have been sparring for years in the court room and on the trading floor. Mergers, distribution deals and big egos have created a nasty sibling rivalry. Both stocks have suffered from this bloody brawl.

Checking in on Univision, the company’s Q2 numbers were not particularly impressive… but again you need to consider this for the long haul.

Net revenue declined 4.3% to $533.1 million from $557.3 million in 2007. Operating income before depreciation and amortization1 decreased 10.9% to $219.9 million in 2008 from $246.8 million in 2007.

For the six months ended June 30 net revenue increased 0.1% to $991.9 million in 2008 from $990.9 million in 2007. Operating income before depreciation and amortization decreased 5.8% to $370.8 million in 2008 from $393.5 million in 2007.

Despite the poor showing, Univision ranked as the number-three network in primetime with a young adult audience (18-34), according to the company.

That’s bigger than NBC, CBS and the CW for the entire quarter.

Grupo Televisa didn’t do much better…

Its Q2 numbers, which came out on July 17, showed an 8.6% decrease in net majority profit. The company attributed the poor earnings to expenses related to one of the company’s television stations in San Diego, California.

Basically, GrupoTV chalked it off a goodwill writeoff, which often means that at one point management overpaid for an asset that lost considerable value.

However, net sales rose 17% to 11.504 billion pesos. They got a big boost from its pay television units.

Earnings for Univision and Grupo Televisa may not have impressed. But thanks to the clear demographic trend in favor of Hispanics, the upside potential is huge.