Shares in Gemstar-TV Guide International Inc. continued to gain Tuesday a day after the company said it had hired UBS Investment Bank and legal advisers Wachtell Lipton Rosen & Katz to explore the possible sale of the company.

The Los Angeles-based media company said Monday afternoon that its board authorized the company and its advisers to explore strategic alternatives intended to maximize shareholder value.

“The company has made significant improvements throughout its businesses and the board is very pleased with the growth and strategic direction under CEO Richard Battista,” said Anthea Disney, Gemstar’s chairwoman. “We are now poised to investigate the range of available strategic alternatives for continuing to build shareholder value.”

This announcement comes after Gemstar reported a 295 percent jump in first-quarter profit along with a 9 percent jump in revenue back in May.

Shares in Gemstar closed up 24 cents, or 4.7 percent, Monday then leapt another 76 cents, or 14 percent, in after-hours trading to $6.10. Shares continued to soar Tuesday morning gaining 60 cents, or 112 percent, to $5.94. Shares in Gemstar have gained more than 70 percent so far this year.