- Paramount Skydance Corp shares climbed 36% on Wednesday following a major merger announcement with Skydance Media.
- Host Jim Cramer referred to the stock as a “meme stock” on X minutes before trading, but the stock price surged contrary to that implication.
- The new entity, Paramount Skydance (PSKY), debuted on the Nasdaq and closed at $15, up from its opening price of $11.19.
- The merger expanded the company’s content library and global reach, contributing to investor optimism.
- Paramount Skydance also announced a $7.7 billion, 7-year media rights partnership making them the exclusive U.S. broadcaster for UFC events starting in 2026.
On Wednesday, Paramount Skydance Corp (PSKY) experienced a 36% jump in its stock price after completing a merger with Skydance Media. The rise occurred just after CNBC’s Mad Money host Jim Cramer called it a “meme stock” on social media, although the actual catalyst was the finalized merger.
The company began trading at $11.19 at the opening bell and surged to close at $15, gaining $4.03 per share. The move gave it the largest increase among U.S. stocks on Wednesday. For a week prior, the stock had hovered between $10 and $11.
Investor discussions noted the effect of Jim Cramer’s comments, referencing what is known as the ‘Inverse Cramer’ effect. However, analysts stated that the real reason for the surge was the completed merger. According to the article, the newly listed PSKY includes both Skydance’s content portfolio and expanded global distribution.
In addition to the merger, Paramount Skydance announced a $7.7 billion partnership with TKO Group Holdings to become the exclusive distributor of UFC events in the United States for seven years, starting in 2026. This deal allows streaming of all UFC fights and related events throughout the U.S.
It is currently too early for most analytical firms to provide forecasts for the new PSKY stock. The joint venture symbol launched this week, and more analysis is expected in the future. Those considering investment are encouraged to review the merger’s long-term prospects.
For more details about the merger, see the official announcement from Reuters.
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