Televisa says its decision comes in the wake of "disrespectful" remarks by Trump that the company says offended the entire Mexican population.
During his presidential kickoff speech, Trump said Mexican immigrants are "bringing drugs, they're bringing crime, they're rapists and some, I assume, are good people." He advocated building a wall along the United States' southern border.
Televisa said in a statement Monday night that it "strongly rejects all forms of discrimination, racism and xenophobia."
Trump did not respond immediately to the decision by Televisa, one of the largest commercial television groups in the Western Hemisphere. NBC also ended its relationship with Trump on Monday.