CNBC Excerpts: AT&T Chairman & CEO Randall Stephenson Speaks with CNBC’s “Squawk Box” Today

WHEN: Today, Friday, February 10th

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC interview with AT&T Chairman and CEO Randall Stephenson on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Friday, February 10th. Following is a link to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000592233.

All references must be sourced to CNBC.

STEPHENSON ON NET NEUTRALITY

IT'S CHANGING FAST. YOU CALL IT THE PIPES. WE DON'T EVEN THINK OF IT IN TERMS OF PIPES BECAUSE WE THINK OF IT AS WIRELESS. IT'S GOING OVER THE AIR. YOU THINK ABOUT A WORLD WHERE PEOPLE ARE CONSUMING CONTENT MORE AND MORE ON THE MOBILE DEVICE. THE VOLUMES IN TERMS OF HOW MUCH CONTENT IS BEING CONSUMED, I'M TALKING PREMIUM CONTENT, NOT JUST YOUTUBE CAT VIDEOS. PEOPLE WATCHING "GAME OF THRONES" AND SO FORTH ON MOBILE DEVICES, THE VOLUMES ARE EXPLODING. SO THAT'S WHY WE THOUGHT WE OUGHT TO GET AHEAD OF THIS. WE BUILT, ENGINEERED A NETWORK THAT CAN DELIVER A LOT OF BANDWIDTH OVER THE WIRELESS NETWORKS TO THE MOBILE DEVICE. THAT'S WHY WE DID THE TIME WARNER DEAL. IT WAS THE OPPORTUNITY TO NOW TAKE PREMIUM CONTENT AND CURATE IT, FORMAT IT DIFFERENTLY, AND GIVE OUR CUSTOMERS A VERY DIFFERENT EXPERIENCE ON THEIR MOBILE AND ACTUALLY THEIR BROADBAND DEVICE AND THEIR TV AND HOME EXPERIENCE.

STEPHENSON ON TIME WARNER DEAL

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, WHICH MEANS THERE WILL BE NO FILING WITH THE FCC. SO IT WILL BE A ONE-TRACK REVIEW. THE DEPARTMENT OF JUSTICE WILL REVIEW IT. AND THAT'S GOING AT PACE. IT'S GOING ACCORDING TO WHAT YOU TYPICALLY SEE WITH ONE OF THESE DEALS. WE STILL THINK WE'RE GOING TO BE CLOSED BY END OF YEAR.

STEPHENSON ON TRUMP TALK

RANDALL STEPHENSON: YOU WOULD BE THINKING RIGHT IF YOU THOUGHT SOMEBODY IN MY POSITION WOULD BE VERY CAREFUL ABOUT THAT KIND OF THING. THERE WAS AN ARTICLE OUT ABOUT IT, WHICH WAS INHERENTLY WRONG.

JOE KERNEN: WRONG. JUST DEAD WRONG.

RANDALL STEPHENSON: I'VE HAD TWO CONVERSATIONS WITH PRESIDENT TRUMP OR HIS ADMINISTRATION AND IN NEITHER ONE OF THOSE CONVERSATIONS WAS THERE ANY DISCUSSION ABOUT THIS DEAL. SO THOSE KIND OF CONVERSATIONS WOULD NOT HAPPEN.

About CNBC:

With CNBC in the U.S., CNBCin Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBCis the recognized world leader in business news and provides real-timefinancial market coverage and business information to approximately 381 millionhomes worldwide, including more than 94 million households in the United Statesand Canada. CNBC also provides daily business updates to 400 million householdsacross China. The network's 15 live hours a day of business programming inNorth America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC'sglobal headquarters in Englewood Cliffs, N.J., and includes reports from CNBCNews bureaus worldwide. CNBC at night features a mix of new realityprogramming, CNBC's highly successful series produced exclusively for CNBC anda number of distinctive in-house documentaries.

CNBC also has a vastportfolio of digital products which deliver real-time financial market news andinformation across a variety of platforms including: CNBC.com; CNBC PRO, thepremium, integrated desktop/mobile service that provides live access to CNBC programming,exclusive video content and global market data and analysis; a suite of CNBCmobile products including the CNBC Apps for iOS, Android and Windows devices;and additional products such as the CNBC App for the Apple Watch and Apple TV.

Members of the media canreceive more information about CNBC and its programming on the NBCUniversalMedia Village Web site at http://www.nbcumv.com/programming/cnbc.

For more information aboutNBCUniversal, please visit http://www.NBCUniversal.com.