Shares in Seven West Media surged higher after releasing half year results and announcing a deal with Google for payment of news.
At the close, the shares were up 16% to 58 cents, on top of a 6% lift yesterday.
The shares have more than doubled since the start of December.
Analysts have been impressed with CEO James Warburton's work to cut debt, his television content play and his vision for the company.
At one stage the market capitalisation of the company was lower than the total debt.
Since then, Warburton has cut costs 17.5% to $493.7 million and net debt is down by 42% to $329 million.
Today the market capitalisation is $722.9 million.
"The better than expected progress in balance sheet repair has vaporised our key concern regarding the group's financial position," says Brian Han, senior equities analyst at Morningstar.
The company reported a half year statutory net profit after income tax of $116.4 million on group revenue of $644.2 million, down almost 10%.
Underlying net profit after tax -- excluding significant items -- was $86.6 million, an increase of 26.5% on the same six months the year before.
Seven West Media has also struck a deal to form a long-term partnership with Google to provide news content to Google Showcase which launched in Australia in early this month.
Commercial details haven't been released but is reportedly worth $30 million a year.
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