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

Last week Skydance Media and Paramount Global completed a drawn-out merger process. The ink was barely dry as the newly merged company clinched a blockbuster $7.7 billion deal wit

Shares of Paramount Skydance, the newly merged entity now headed by David Ellison, shot up by double-digits on Wednesday — despite no news indicating a change in the media company’s financial outlook.