Paramount soars 20% as Jim Cramer slams PSKY a ‘meme stock'

Group 1 - Paramount Skydance Corp (NASDAQ: PSKY) experienced a surge of over 20% on August 13 after being labeled a "meme stock" by CNBC's Jim Cramer, with shares trading at $12.85 at the time of the comment [1] - By the time of publication, shares of Paramount Skydance were up 22.34%, trading at $13.42, after reaching a peak increase of 27% earlier in the session [1][2] - The stock rally followed the completion of a high-profile merger with Skydance Media, combining Paramount's content library and distribution network with Skydance's production capabilities, now trading under the ticker "PSKY" on Nasdaq [2] Group 2 - 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 U.S. starting in 2026, with all events streaming on Paramount+ [3] - The deal is expected to more than double the reported $550 million per year that ESPN currently pays for similar rights [3] - Leadership changes include David Ellison being appointed as Chairman and CEO, supported by a board of ten directors with expertise in media, technology, and finance [4] Group 3 - Seaport Global Securities initiated coverage of the stock with a Neutral rating, highlighting the transformative potential of the Skydance integration [4]