Yes, it is. Because the Bill of Rights doesn't protect the free market from anything at all. It doesn't even mention the free market. I mean, you might have a case if you were talking about protecting citizens' right to free speech, but that's what you asked. If you asked that, I'd tell you that the airwaves, i.e., the frequency bands at which radio and TV signals are broadcast, were deemed to be owned by the US government, and the Executive Branch via the FCC regulates that ownership on behalf of the US government. That's why there are no actual laws that control television or radio content, for laws would be un-Constitutional. But if someone wants to lease a radio frequency from the US government (via the FCC) at which they intend to broadcast programming and commercials, then they have to follow the terms of their lease agreement, so if the FCC says a commercial or TV program violates the part of their lease agreement that prohibits broadcasting obscenity, then the FCC can revoke their lease and give it to someone else. No one's going to prison. It's not criminal. They've done nothing against the law. They've just broken an agreement they themselves agreed to that allows them to own a certain radio frequency in a certain place, and like it is whenever anyone breaks an agreement, that voids any contract and allows the other side out, so the government can take the frequency away and lease it to someone else.