The private CBC channel said Bassem Youssef had not followed editorial policies and wanted more money.
The move comes a week after his al-Bernameg (Programme) show poked fun at Egypt’s powerful military, triggering complaints.
The decision will heighten concerns about freedom of speech restrictions.
The CBC channel announced its decision in a statement on Friday evening.
It said Bernameg‘s latest taped episode showed that the presenter and his producers “insisted on violating the editorial policy”.
It did not provide details on how the policy had been violated, but added that the political satire show would remain suspended until the problems were solved.
Last week, Bassem Youssef’s show took aim at the army and its chief, General Abdel Fattah al-Sisi.
The controversial presenter joked about chocolate bars being made in the image of the general.
That show triggered several complaints from viewers, and Egypt’s public prosecutor later ordered an investigation.
In March, Bassem Youssef was released on bail after questioning by prosecutors over allegations he insulted Islam and the then-President Mohamed Morsi, who was ousted by the military in July.
In April, a court rejected a lawsuit calling for a ban on his programme.
Bassem Youssef is a doctor who shot to fame after winning a large number of followers with his witty lampooning of public figures in amateur videos posted on the internet following the uprising that ended Hosni Mubarak’s rule in February 2011.
Bassem Youssef became a household name when his satirical show – likened to Jon Stewart’s The Daily Show in the US – began to be broadcast.
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