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

Paramount and Skydance completed their merger last Thursday, creating a new company formally called Paramount, a Skydance Corporation. The stock floundered across the first few sessions after the deal closed,

Paramount (NASDAQ:PSKY) shares are climbing on Wednesday amid a broader rally in the U.S. markets as investors reset expectations for the newly revamped media company, which recently completed its $8B merger with Skydance Media.

Paramount and UFC have announced a billion-dollar rights deal, marking a significant shift for the fight company.

As UFC makes a play for wider audience reach with Paramount, streaming is making larger moves toward general market appeal as well.