If I'm understanding it correctly, the FCC didn't actually do anything here. The FCC chairman made, at worst, a threat. ABC immediately pulled the show, and news article's link this to license approvals and such.

But if the FCC actually strong armed the media due to political reasons, would it stand up in the courts? Disney has more than enough money to fight it. One possibility is that they're using this as an opportunity to cut the show, which maybe they were leaning towards anyway. It effectively redirects blame to the FCC instead of the company that actually made the decision.