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.

After shares of the new Paramount Skydance shot up double digits, Wall Street watchers compared it to a meme stock.

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