Real estate mogul Donald Trump is threatening to sue Univision for "hundreds of millions of dollars" after the Spanish-language media giant reneged on televising July's Miss U.S.A. 2015 pageant.

Univision's change of heart comes a week after Trump said Mexicans are "bringing guns. They're bringing crime. They're rapists," during a press conference announcing his run for the Republican presidential nomination. The reality TV star said, under a Trump presidency, a wall would be built along the U.S.-Mexico border that the Mexican people would be forced to pay.

The network issued a statement Thursday morning rebuking Trump's offensive remarks.

"At Univision we see first-hand the work ethic, love for family, strong religious values and the important role Mexican immigrants and Mexican-Americans have had and will continue to have in building the future of our country," the network said. "We will not be airing the Miss USA pageant on July 12^th or working on any other projects tied to the Trump Organization."

Trump didn't back down on the comments, instead accusing Univision of defaulting on an "iron-clad" five-year, $13.5 million contract signed in January. He vows to sue for defamation and breach of contract.

Univision spokesman Monica Talan said the organization would not comment beyond their initial statement.

"Univision Called Me and Apologized"

"I'm going to have to sue Univision now because I speak negatively about trade with Mexico," Trump said in speaking with Fox News' Gretchen Carlson. "They called me and they apologized and didn't know what to say. Univision said 'you have to stop talking badly about Mexico and its people'. They have signed a contract."

Trump stood by his comments about Mexicans, but said his words were misconstrued and were not meant to disrespect all Mexicans or Latinos. Earlier in the week, he clarified the remarks by saying the media was trying to distort his comments. "I love Mexico and I love Mexican people," he said.

Univision noted that they will continue to cover each presidential candidate, including Trump.