Apparently, the Wall Street Journal got a quote from an FCC official on Wednesday, regarding the AT&T/T-Mobile Buyout. The official said,
"There's no way the chairman's office rubber-stamps this transaction. It will be a steep climb to say the least."
The Wall Street Journal also added,
The official stressed that the agency hasn't even begun to formally evaluate AT&T's proposal and will examine the deal on its merits and whether it's in the public interest.
Furthermore, the article also pointed out that deals like this have been approved before despite these types of warnings. Regardless, it will probably be a long time before we know anything for sure. It could be a year or more before it passes through the regulatory process with the FCC and DOJ. Also, the deal between AT&T and includes a $3 Billion dollar cancellation payout even if the merger falls through. You know AT&T is going to fight aggressively to avoid giving up $3 Billion bucks for nothing.

Source: via The Inquirer via The Wall Street Journal