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.

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.

“That is the regulatory hook for FCC review,” Pai told The Wall Street Journal. “My understanding is that the deal won’t be presented to the commission.”

The news sent Time Warner stock up 1 percent Monday, to $98.20.

On Oct. 21, the day before AT&T agreed to acquire Time Warner in a cash-and-stock deal valued at $107.50 per share, the stock closed at $89.48.

While it has gained 9.7 percent since then, the increase is less than half the 20 percent premium AT&T put before Time Warner shareholders.

The discount reflects regulatory risk — especially since President Trump, as a candidate, vowed he’d veto the merger.

Trump hasn’t tipped his hand since the election, although he met with AT&T CEO Randall Stephenson just before the inauguration.

Stephenson said the merger wasn’t discussed at the meeting yet remains publicly optimistic about its closing.

Pai’s indication of an FCC pass advances Stephenson’s prediction, as the agency could have killed the tie-up simply by declaring it not in the public’s interest.

The only agency left to review the deal might be the Justice Department, which before blocking it would have to demonstrate its consummation would hurt competition.

But the DOJ isn’t expected to act on the merger before installing an assistant attorney general of its antitrust division to succeed acting AAG Brent Snyder.