Over three decades ago, such was AT&T’s monopoly over the nation’s communications networks that the government forcefully shattered its empire.

Now, as one of its successors again seeks a formidable business empire by buying Time Warner, lawmakers, analysts and advocacy groups are closely watching to see if the union, or any that follow in its wake, poses harm to consumers.

Reaction to AT&T’s $85.4 billion purchase was swift — and, outside of Wall Street, full of skepticism. Much of the concern was rooted in how consumers have fared since Comcast bought NBCUniversal, a deal that provided a template for the consolidation of media and telecommunications.

Acquisitions in general raise warning signs for regulators because of a reduction in competition. But combining a telecommunications company with a media company, in particular, raises questions about whether consumers would have less choice because the conglomerate both creates its own content and provides the pipes that deliver both its own offerings and its competitors’.