Chavez, who has stepped up pressure on private industry and the political opposition in recent weeks, previously said that Globovision's editorial line had to change.
"If what has to happen does not happen in the correct institutions then I will have to act like I have had to on previous occasions," Chavez said during an appearance on state television.
Two years ago Chavez refused to renew the license of Venezuela's largest private television station, which was implicated in a brief coup against him. That action provoked international criticism and anger in Venezuela but did not dent his long term popularity.
That station, RCTV, is now available only on cable systems and has ceased to be a political force.
Chavez spends hours every week giving speeches on state television in programs often picked up by private channels or are broadcast on all frequencies via a system known as "the chain."
He uses the medium to announce most policy decisions, including a wave of nationalizations in oil and iron this month.
Globovision's owner, Alberto Ravell, told Reuters last week that he expected the station would be taken off the airwaves in the near future.
The socialist president told off the attorney general and a cabinet minister charged with regulating telecommunications for not having taken brisk action against it.
Globovision, a small but influential opposition station, has sparked the wrath of Chavez for diverse reasons including coverage of an earthquake and a chat show in which a guest said the president would end his days by being hanged, like Italian dictator Benito Mussolini.
The country's most watched station by a huge margin is Venevision, which has a neutral political line and carries many soap operas.
