Miss USA -- Donald Trump Won't Make a Penny From Reelz

The CEO of Reelz, which has agreed to run the Miss USA pageant, tells TMZ, Donald Trump will lose money because the fee the network is paying is way less than the cost of production.

Stan Hubbard tells us, he made the decision to air the pageant because it's a TV show, not a political event, and the women participating should not be punished for Trump's remarks.

Hubbard thinks it's hypocritical for people to demand a boycott, because it's no different from buying music or watching TV shows and movies featuring entertainers who have wacky views.

The CEO says he personally disagrees strongly with Trump's remarks about Mexicans, but he feels strongly the pageant should not be the ultimate victim.

As for money, Hubbard says "Trump is not going to profit from what we're paying. What we've agreed to pay doesn't even dent the cost of production."

Hubbard says right now there are no advertisers and it will be a challenge given the political climate and the July 4th weekend, where everyone's gone. But he says Trump won't see a penny of ad revenue.

Hubbard also says pageant organizers are trying to find a Hispanic host. He also says a series of PSAs promoting "Hispanic non-political causes" will air during the show.