Paramount Skydance (PSKY) Jumps 30% on Meme Rally

We recently published 10 Double-Digit Winners You Wish You Bought Yesterday. Paramount Skydance Corp. (NASDAQ:PSKY) is one of the last week’s top performers.

Paramount Skydance surged by 30.5 percent week-on-week, having performed a “meme” rally during the week, according to a stock market expert.

In a social media post last week, Mad Money host and former hedge fund manager Jim Cramer regarded Paramount Skydance Corp. (NASDAQ:PSKY) as a “meme stock” given the company’s small public float and unjustifiable rally amid the lack of fresh developments to perk up buying.

However, investors may have snapped up shares after it bagged a $7.7-billion deal to exclusively air the Ultimate Fighting Championship (UFC) on Paramount+ for seven years beginning in 2026.

The deal would include UFC’s full slate of 13 marquee numbered events and 30 Fight Nights through its direct-to-consumer streaming platform, Paramount+, with select numbered events to be simulcast on CBS.

Photo by Kosta Bratsos on Unsplash

As part of the agreement, Paramount Skydance Corp. (NASDAQ:PSKY) will remove the pay-per-view model in favor of making the events available at no additional cost to subscribers of Paramount+ in the US.