Univision to Donald Trump: You're Fired

Donald Trump intends to sue Univision for breach of contract and defamation after the media company announced it would renege on a five-year contract for broadcast rights to the Miss Universe and Miss USA pageants, his lawyer said Thursday.

The announcement comes hours after Trump told the On Media blog that Univision was defaulting on an "iron-clad" $13.5 million contract, which he said it had no right to terminate.

Univision spokesperson Monica Talan said her organization would not comment beyond its initial statement. In that statement, released Thursday morning, Univision said it would "not be airing the Miss USA pageant on July 12th or working on any other projects tied to the Trump Organization" because of his remarks about Mexican immigrants.

Trump, who is running for the Republican presidential nomination, said in a speech earlier this month that he would build a wall to stop Mexico from dumping "rapists" and criminals on U.S. soil. On Wednesday, Trump issued a statement accusing the media of trying "to distort my comments regarding Mexico and its great people," adding that he has "many successful business relationships with Mexican companies and employ, and am close friends with, many Mexican people," and that he has "tremendous respect for the leaders of Mexico."