At 10.15am (AEST), the benchmark S&P/ASX200 was up 59.5 points, or 1.54 per cent, at 3926.6, while the broader All Ordinaries increased 59.4 points, or 1.55 per cent, to 3899.5.
On the Sydney Futures Exchange, the June share price index contract was trading 57 points higher at 3922 on volume of 7393 contracts.
Before the market opened this morning, News Corporation reaffirmed full year guidance and said the "worst is over", after posting a flat net profit of $US2.7 billion ($3.62 billion) in its third quarter.
Newscorp was trading up $1.13 or 8.5 per cent to $14.42.
Its non-voting script gained 95 cents or 7.92 per cent to $12.95.
The News Corp announcement appeared to give a boost to media stocks overall, helping to set a tone for the day's opening session.
Fairfax was up 3.5 cents or 3.27 per cent to $1.105, while APN News and Media was up one cent to $1.33.
Consolidated Media was up six cents or 2.64 per cent to $2.33.
Seven Network was up three cents to $5.89, and Ten Network was up half a cent to 96 cents.
Wall Street posted solid gains overnight, as the release of employment figures helped ease jitters over upcoming results of "stress tests" on the banking system.
The Dow Jones Industrial Average added 101.63 points, or 1.21 per cent, to settle at 8512.28.
The tech-heavy Nasdaq rose 4.98 points, or 0.28 per cent, to settle at 1759.1 and the S&P500 lifted 15.73 points, or 1.74 per cent, to settle at 919.53.
