Trump and Univision bury the machete

Donald Trump and Univision said Thursday they've reached an agreement to settle a $500 million lawsuit brought against the Spanish-language television network over its decision not to broadcast the Miss USA and Miss Universe pageants.

Trump sued Univision in June after it refused to air the pageants -- which were partly owned by Trump at the time -- following remarks he made disparaging Mexican immigrants. Terms of the deal, announced in a joint statement, weren't disclosed.

Mexico may quit Miss Universe pageant after Donald Trump's comments

Trump, who is seeking the Republican nomination to run for U.S. president, said he was pleased the matter was resolved.

"I have known Univision's President and CEO, Randy Falco, for more than 20 years and I'm glad we are able to put these differences behind us," Trump said in the statement released by Univision.

Univision CEO Randy Falco issued a similar comments, saying both he and Trump "are pleased to settle this matter and move forward."

The announcement comes two days after Trump won the New Hampshire primary and now leads the pack of GOP hopefuls vying for the presidency.

The lawsuit stemmed from comments Trump made June 16 announcing his candidacy, in which the billionaire real estate developer accused Mexico of sending rapists and other criminals to the U.S.

"They're bringing drugs, they're bringing crime, they're rapists, and some I assume are good people, but I speak to border guards and they tell us what we are getting," Trump said at the time.

Shortly thereafter, Univision announced it wouldn't air the Miss USA or Miss Universe pageants, then owned by Trump and Comcast's (CMCSA) NBCUniversal unit. NBC also dumped Trump, refusing to broadcast the pageants. Later it announced it would replace Trump as host of NBC reality TV show "The Celebrity Apprentice" with "Terminator" star and former California Governor Arnold Schwarzenegger.

Department store operator Macy's (M) also cut ties with Trump, citing his controversial comments.

In the lawsuit, Trump claimed that Univision's decision was "a politically motivated attempt to suppress Mr. Trump's freedom of speech under the First Amendment."