Trump can try to pull licenses but he will almost certainly fail.
https://www.theguardian.com/tv-and-radio/2025/sep/18/brendan-carr-fcc-jimmy-kimmel
Tom Wheeler, a former FCC chair appointed by President Barack Obama, said Carr is incredibly bright and savvy about using the broad latitude given to the chairman, exploiting the vagaries in the term the public interest. Instead of the deregulation Trump promised voters, the administration delivered this kind of micromanagement, Wheeler said. Its not the appropriate job of the FCC chairman to become the censor-in-chief, Wheeler said.
The lone Democrat on the FCC, Anna Gomez, criticized Carr for using the weight of government power to suppress lawful expression. Gomez called ABCs decision a shameful show of cowardly corporate capitulation that threatened the first amendment, and said the FCC was operating beyond its authority and outside the bounds of the constitution.
If it were to take the unprecedented step of trying to revoke broadcast licenses, which are held by local stations rather than national networks, it would run headlong into the first amendment and fail in court on both the facts and the law, Gomez wrote in a statement. But even the threat to revoke a license is no small matter. It poses an existential risk to a broadcaster, which by definition cannot exist without its license. That makes billion-dollar companies with pending business before the agency all the more vulnerable to pressure to bend to the governments ideological demands.