NEW YORK (TheStreet) -- Shares of AT&T (T) - Get Report  were up in early-afternoon trading on Thursday as FCC Chairman Tom Wheeler today said he wouldn't confirm whether the commission will investigate the telecommunications company's proposed $85.4 billion mega-merger with Time Warner (TWX). 

Wheeler said at a press conference that questions about any possible probe are hypothetical, since nothing has been filed, according to Reuters

"We ought to see how things develop," Wheeler added. 

AT&T has said that the DOJ will review the deal and that the FCC could investigate it.

Former FCC Commissioner Robert McDowell said yesterday on CNBC's "Squawk on the Street" that he doesn't think the agency will need to review the acquisition, as Time Warner doesn't have enough licenses to create a public interest problem.

McDowell served as an FCC Commissioner from 2006 to 2013. 

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

The team rates AT&T as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, good cash flow from operations and solid stock price performance. The team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that it evaluated.

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