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The FCC has real authority to call in broadcast licenses for early renewal when an investigation demands it, and that's exactly what's happening with Disney's ABC stations. Possible violations of the Communications Act — including unlawful discrimination — aren't minor issues, and demand firm action, which is exactly what the FCC is delivering with this order.
The FCC's move is an unconstitutional attack on press freedom dressed up as regulatory oversight. Thankfully, the First Amendment doesn't bend for political pressure campaigns, meaning this action won't survive a serious legal challenge. Despite this, corporations should fight back against Trump's censorship rather than assume compliance will buy any goodwill.