"After further review we recognize the insensitive nature of the ad and have decided to cease airing it across our properties as soon as possible," the statement said.
Fox News has also pulled the advertisement on Sunday and it will no longer appear on either the Fox News Channel or Fox Business Network, according to media reports.
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CNN said it has refused to air the advertisement because of its racist content.
On Monday, Axios reported the advertisement aired three times on MSNBC, one time on NBC, eight times on Fox Business and six times on Fox News.
The 30-second advertisement attempts to draw a connection between criminal Mexican immigration to the migrant caravan currently traveling through Mexico to the US border, the report said.