NEW YORK (TheStreet) --  The $85.4 billion AT&T (T) - Get Report and Time Warner (TWX) merger is sure to face close regulatory scrutiny as lawmakers fear the side effects of continued consolidation in the media space. Former FCC Commissioner Robert McDowell doesn't think his old agency is going to stand in the way.

"From the FCC's perspective, it looks at something more amorphous in general, which is the public interest standard. And here you have one TV station, a few satellite uplinks, there aren't a lot of hooks for the FCC to say there's a public interest problem from its perspective because there are so few licenses over which the FCC has sway," McDowell said Wednesday on CNBC's "Squawk on the Street." "So it's hard to say that it's going to get hung up somehow at the FCC."

McDowell served as an FCC Commissioner from 2006 to 2013.

Shares of AT&T were slightly lower in Wednesday morning trading, while shares of Time Warner were slightly higher.

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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. TheStreet Ratings has this to say about the recommendation:

We rate AT&T INC as a Buy with a ratings score of B. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: T

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