The privately owned network suspended the weekly program minutes before it was scheduled to air Friday, after Youssef allegedly violated editorial policies and asked for more money, CBC announced.
The manner in which Youssef violated policy wasn't reported, the BBC said.
The move came one week after Youssef's show came under fire for poking fun at Egypt's military. He took aim at Gen. Abdel Fattah al-Sisi, joking that chocolate bars should be made in the official's image.
Some viewers called the network to complain about the insults, the BBC said.
Youssef was jailed briefly in March over allegations he insulted Islam and then-President Mohamed Morsi.
He was questioned and released shortly after his arrest.
His show, "al-Bernameg," has been likened to U.S. television host Jon Stewart's "The Daily Show."