“Time Warner stock hit a 52-week high Monday after the Federal Communications Commission’s new chairman said he doubted his agency would review AT&T’s proposed acquisition,” The New York Post reports. “FCC Chairman Ajit Pai called the review unnecessary if, as he believed, no airwave licenses would transfer because of AT&T’s $85.4 billion deal to take over Time Warner.”

Pai is quoted in an interview with The Wall Street Journal saying: “That is the regulatory hook for FCC review. My understanding is that the deal won’t be presented to the commission.”

The news reportedly sent Time Warner stock 1% higher on Monday, to $98.20.