AT&T CEO still sees the $85 billion Time Warner deal closing by year-end

AT&T CEO: Arms race going on for networks and content

The "one-track" Justice Department review of AT&T's proposed acquisition of Time Warner should not delay the original timetable for closing the deal, AT&T Chairman and CEO Randall Stephenson told CNBC on Friday.

"The filing has been made with the Department of Justice. The review is ongoing right now. There will not be a filing with the FCC. We're going to assume no licenses from Time Warner," Stephenson said in a "Squawk Box" interview from Pebble Beach, site of the AT&T Pro-Am golf tournament.

"It will be a one-track review. The Department of Justice will review it. And that's going at pace," he continued. "We still think we'll be closed by end of year."

The proposed $85 billion transaction is just a deal between a telecom company and a media content company, Stephenson reiterated, saying they don't compete in each other's businesses.

During the election campaign, then-candidate Donald Trump said he opposed the deal. But as president, Trump's position is unclear.

Stephenson said, "I've had two conversations with President Trump and his administration. In neither one of those conversations was there any discussion about this deal. So those kinds of conversations would not happen."