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.

The new owners of the venerable studio, now trading as PSKY, have seen a volatile stock rally of 30 percent over two days.