Paramount and Skydance merged last week to form a new company officially called Paramount, a Skydance Corporation. Paramount Skydance announced a seven-year agreement for media rights to the Ultimate Fighting Championship on Monday, and analysts think more deals could be coming.

Paramount Skydance emerged as a potential meme stock on Wednesday, with the shares soaring 60% during the session.

Shares of the newly merged media conglomerate rallied on increased volume Wednesday after a stock commentator pointed out something about the company's stock float.