The clip showed Kathy holding up a fake version of President Donald Trump's head covered in blood.
Griffin, 56, a two-time Emmy-winning performer known for her deliberately provocative brand of humor, has appeared since 2007 as co-host of CNN's New Year's Eve broadcast from Times Square in NY with anchor Anderson Cooper.
Kathy's close friend and her (now) former cohost on New Year's Eve, Anderson, 49, was horrified by what happened.
Kathy, 56, came under fire after posting the photograph, along with a 12-second video clip, enraging the USA president's own son, Donald Trump Jr.
Minnesota GOP Chairman Jennifer Carnahan called out Franken and Griffin on Tuesday, asking the senator to cancel the Beverly Hills event on Facebook. Squatty Potty, a Utah-based company whose products include toilet stools and other bathroom accessories, said it was suspending an ad campaign that featured Griffin.More news: Video Surfaces of Priest Taken Hostage by Muslims in Philippines
Griffin has apologized for the photos, taken by provocative celebrity photographer Tyler Shields.
"We're not surviving this, okay?" she said in the footage. I'm merely mocking the Mocker in Chief.
"We were shocked and disappointed to learn about the image Ms. Griffin shared today, it was deeply inappropriate and runs contrary to the core values our company stands for".
Trump's eldest son Donald Jr, who runs the family business in NY, and Mitt Romney, the defeated 2012 Republican presidential nominee, were among those conservatives who slammed the photograph.More news: Jeremy Corbyn is getting sassy AF with Theresa May on Twitter
Questions were also raised about whether the photos would affect Griffin's relationship with CNN, for whom she works as part of the network's annual New Year's Eve coverage. Trump tweeted Wednesday morning: "My children, especially my 11-year-old son, Barron, are having a hard time with this".
Griffin was accused of encouraging violence against the President.
"I have a no-apology policy", she told CBS News in 2012. "She's actually begged for forgiveness, and I believe in forgiveness". Taking down the image.
"We are pleased to see she has apologized", CNN said in a statement.More news: YouGov model shows Conservatives 3 points ahead of Labour
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