NEW YORK (CNN) - Facing a public outcry and an FCC investigation, a Viacom Inc.-owned New York radio station has canceled a controversial afternoon show whose hosts urged listeners to have sex in public places as part of a contest.

Last week, a man and woman, encouraged by the "shock jocks" on the "Opie and Anthony" show, were arrested while allegedly having sex in St. Patrick's Cathedral. A station employee who was broadcasting an account of the incident was also arrested.

The station, WNEW-FM, issued a statement Thursday announcing that the show, which had been pulled off the air in the wake of the arrests, has been canceled "and will be replaced by other programming, beginning tomorrow." The station's general manger and program director were also suspended, the station said.

The station is owned by Infinity Broadcasting, a Viacom subsidiary that owns 180 radio stations in 22 states.

FCC Chairman Michael Powell ordered an investigation into the incident Thursday. Another FCC commissioner, Michael Copps, suggested that the commission consider revoking the station's license.

The FCC, in recent times, has never taken a station away from a major media company. WNEW-FM bills roughly $19 million per year and is worth about $150 million, according to radio analysts.

But William Donohue, president of the Catholic League, said that because the station has canceled the show, his group would no longer press for an FCC investigation or revocation of WNEW-FM's license.

"This is a refreshing example of corporate responsibility," he said in a statement.

The station was already in trouble with the FCC for alleged indecency on the "Opie and Anthony" program. The FCC in June moved to fine the station $21,000 for three broadcasts the commission found to be "patently offensive," including one audio mix that "inescapably refers to oral sex between a daughter and her father."

The show has featured a number of offbeat promotions with sexual overtones, including the Naughtiest Nightie Contest, the Boob-O-Lantern Contest and the Whipped Cream Bikini Contest.

Viacom (VIA.B: Research, Estimates) shares closed Thursday at $42.39, down 2 cents.  

-- CNN Correspondent Peter Viles contributed to this report.