Paramount Skydance Corp (NASDAQ: PSKY) surged more than 20% on August 13 after CNBC’s Jim Cramer unexpectedly labeled the newly merged media giant a “meme stock.”
“Paramount (PSKY) is a meme stock!!!!!!!!!!!!!! Small float… shocking,” Cramer posted, with shares trading at $12.85 at the time of his comment.
By the time of publication, Paramount Skydance was up 22.34% on the day, changing hands at $13.42, after climbing as much as 27% earlier in the session.
The rally comes just days after Paramount completed its high-profile merger with Skydance Media, creating a powerhouse combining Paramount’s vast content library and global distribution network with Skydance’s blockbuster production capabilities. The company will now trade under the ticker “PSKY” on the Nasdaq.
Adding fuel to investor enthusiasm, Paramount announced a seven-year, $7.7 billion media rights agreement with TKO Group Holdings, making it the exclusive distributor of UFC events in the United States starting in 2026. Under the deal, all UFC events will stream on Paramount+ with select fights simulcast on CBS, more than doubling the reported $550 million per year ESPN currently pays for similar rights.
Leadership changes have also been confirmed, with David Ellison appointed Chairman and CEO, backed by a board of ten directors with deep expertise in media, technology, and finance. Meanwhile, Seaport Global Securities initiated coverage of the stock with a Neutral rating, noting the transformative potential of the Skydance integration.
