An Egyptian television station has refused to air the latest episode of its star satirist's comedy series, after his show drew criticism for mocking the current fervour for Egypt's army.

Private channel CBC stopped the Friday night broadcast of Bassem Youssef's show minutes before its 10pm airtime. Instead, a broadcaster read out a statement explaining that Youssef's production team was involved in a dispute with the channel's board over contractual and content issues.

The channel did not give further details. But earlier this week a CBC newscaster read a statement distancing the channel from Youssef's criticism of Egypt's widespread pro-army sentiment, censuring him for using "phrases and innuendos that may lead to mocking national sentiment or symbols of the Egyptian state." It came amid a bitter backlash against Youssef – from both the government and parts of the public. On Tuesday, prosecutors launched an investigation into the first episode of Youssef's new series, in which he controversially warned "that fascism in the name of religion will be replaced by fascism in the name of patriotism and national security" – a clear criticism of the policies of Egypt's new army-backed government. A day later army supporters held a protest outside the studio in central Cairo in which his second – and now cancelled – episode was being filmed.

Bassem Youssef – known in the west as Egypt's Jon Stewart, after the American political satirist – rose to global prominence last year for lampooning Mohamed Morsi, the Islamist president who was ousted in July. Then as now, his satire led to an official state investigation into his work. But whereas CBC stood by their star when he came under attack by the Morsi administration, six months later Youssef's channel appears unwilling to back his criticism of Morsi's successors.

While the show was pulled by Youssef's employers, rather than the government, its removal will worry those who saw his show as a bellwether for free speech in post-Mubarak Egypt. There are currently few other anti-establishment voices in both private and state media, with media barons either solidly supportive of the current government, or too afraid to criticise it.

Youssef flew to the United Arab Emirates on Friday morning, but it is understood that his trip is unrelated to the show's cancellation.