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.

Shares of newly merged — and highly shorted — media company Paramount Skydance soared Wednesday, fueling a “meme-on-steroids feel.”