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

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.

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.