* Futures up: Dow 0.14 pct, S&P 0.19 pct, Nasdaq 0.3 pct
By Sruthi Shankar
June 13 (Reuters) - A court approval for AT&T's $85 billion takeover of Time Warner lifted media and telecom shares on Wednesday, helping U.S. stock futures ahead of the U.S. Federal Reserve's policy announcement.
Time Warner jumped 3.9 percent in premarket trading after the landmark ruling, which is expected to trigger a wave of corporate mergers. AT&T dropped 4.2 percent.
Twenty-First Century Fox surged 8.1 percent as Comcast Corp is expected to outbid Disney for some of its assets as early as Wednesday.
Sprint, which is looking to merge with T-Mobile , was also up 3.4 percent.
At 7:23 a.m. ET, Dow e-minis were up 36 points, or 0.14 percent. S&P 500 e-minis were up 5.25 points, or 0.19 percent and Nasdaq 100 e-minis were up 21.5 points, or 0.3 percent.
Investors are awaiting the Fed's decision on monetary policy at 2:00 p.m. ET. With this year's second interest rate hike almost certain, market participants will look for signals on whether the Fed will move to raise rates three or four times this year.
"Market pricing is fairly split between three and four hikes this year, so it probably doesn't require a hawkish signal to correct a mispricing," Deutsche Bank strategist Jim Reid wrote in a note to clients.
Investors are focused on how the Fed characterizes its monetary policy as borrowing costs return to more normal levels amid an ongoing economic expansion. Fed Chair Jerome Powell holds a news conference after the decision.
U.S. Labor Department is set to release the producer price index at 8:30 a.m. ET. Economists expect producer prices to gain 0.3 percent in May, after rising 0.1 percent in the month before.
The S&P 500 closed higher and the Nasdaq hit a record intra-day high on Tuesday, boosted by gains in technology and utilities stocks.
Among others, Netflix rose 1.3 percent after Goldman Sachs forecast that 2018 would be the peak negative-free cash flow year for the company.
H&R Block tumbled 17.7 percent after the tax preparation service provider projected lower EBITDA margins for 2019. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)