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.

D: Shares of Paramount Skydance, the newly merged entity now headed by David Ellison, shot up by double-digits on Wednesday — despite no news indicating a change in the media company’s financial outlook.