Investing.com -- Walt Disney Company shares shrugged off a brief drop on Wednesday after Bloomberg reported that the U.S. Federal Communications Commission is preparing to rule against the company regarding its show The View.

The FCC is expected to take action against Walt Disney in two separate investigations as soon as next month, the report said. The agency is likely to determine that The View is not a "bona fide" news show, potentially before the Labor Day holiday.

The FCC is also preparing to send a probe into the company's broadcast licenses to an agency hearing, which represents the next step toward possible license revocation.

Disney faces two separate regulatory challenges with the FCC. One investigation examines whether the parent company of the ABC network is fit to hold local station licenses. The other review focuses on whether ABC's daytime chat show The View should be subject to rules that only apply to entertainment programs rather than news programs.

FCC Chairman Brendan Carr argues that The View operates as an entertainment and partisan program rather than a legitimate news interview show. He maintains that the hosts openly advocate for or attack specific candidates, meaning the show should lose its exempt status under federal equal-time rules.

Federal law requires television networks to offer equal airtime to opposing political candidates. Programs classified as "bona fide news interview" shows are exempt from this requirement. If The View loses its exempt status, ABC would be legally required to give identical airtime to opposing politicians.

Disney is expected to challenge any FCC actions against its properties.