Federal regulators are poised to approve Tribune Co.’s $8.2-billion deal to go private by the end of the week, clearing the way for the transaction to close by Dec. 31.

Federal Communications Commission Chairman Kevin J. Martin removed the remaining regulatory obstacle to the deal Wednesday, proposing to exempt Tribune for two years from rules prohibiting ownership of a newspaper and a broadcast station in the same market. Tribune needs the waivers for its newspaper and TV combinations in Los Angeles, Chicago, New York, South Florida and Hartford, Conn. The Los Angeles Times is Tribune’s largest newspaper.

The FCC is expected to approve the proposal by Friday, giving Tribune time to complete the transaction by the end of the year. The Chicago-based owner of The Times and KTLA-TV Channel 5 faces financial penalties if the deal, led by real estate magnate Sam Zell, closes after that.

“Based on Chairman Martin’s description of his proposal . . . we are pleased, and believe that, if we get the commission’s vote by Friday, we will be on track to close the Tribune transaction by year end,” Zell said in a written statement.

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