The channel, which is based in the UK but broadcasts in Spain, was given the penalty by the Spanish National Commission of Markets and Competition (CNMC).
The conversation in question was about transgender children following a Christian family removing their child from school because one of his classmates identified as transgender.
The pastor on the show said: "We are going to create a political party or join a party to change this madness. We are going to have to do this, because if we don't, we will have Sodom and Gomorrah at our doorsteps, where they are going to tell you, 'we want to get hold of those men in there and we want to sleep with them and there's nothing you can do about it. I have girls for you... No, we want those guys'.
A statement by the CNMC explaining why the penalty was handed down said the comments on the Rmornings discussion show "could be considered as threatening to the dignity of the homosexual and transgender group, although there was no manifest incitation to hate against these groups by the channel that owns the programme".
However, Gordon Pettie, director of Revelation TV has denied the conversation on the show was homophobic.
"And because it has become aggressive, it has become heavy, and if we don't confront this militancy it is going to get worse, it is going to get really bad.
He went on to say: "But we need to understand that the people behind this agenda are not foolish, they know exactly what they are doing, they know that, at that age, the child doesn't have a clue what is going on, so if they can manage to manipulate those kids to believe that this is what is natural, that will stick to the children. They like to get hold of a generation ahead of time, so that when they finally are 20 or 25, the whole world has changed to exactly where they want to be with that agenda."
Revelation TV is currently dealing with a Charity Commission investigation in the UK that is looking into the organisation's finances.
Revelation TV bosses have consistently denied any wrongdoing and accused the Charity Commission of damaging its integrity and transparency as a station.
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