Federal regulators are poised to approve AT&T Inc.’s $49 billion acquisition of DirecTV, ending a review process that lasted more than 12 months and clearing the way for the biggest media deal of the past year.

Federal Communications Commission Chairman Tom Wheeler said an order has been circulated to the agency’s other four commissioners recommending approval of the deal. The agency has attached numerous conditions, including requirements that AT&T expand its fiber-optic broadband service.

...