China has basically made it known they will go after a company's employees. I'm sure that CBS is very concerned about general access to the Chinese market and don't want their shows banned for purely economic reasons, but the subtle threat of their Chinese employees disappearing because of a cartoon is a real thing.
Let's say this was my decision, pretend I'm a director or VP at CBS and I need to make the call about this cartoon, and whether the threat against my subordinates in country - or myself on my next business trip - is real. After Fan Bingbing's disappearance last year, I would take this very seriously and I'm not sure I would make a different call.
That's censorship, full stop.
I'm not sure what CBS alone can do about this - they're a single company against a sovereign nation. Not to let them off the hook, but I really feel the U.S. government has to step up here.