Shares of newly merged — and highly shorted — media company Paramount Skydance soared Wednesday, fueling a “meme-on-steroids feel.”

After shares of the new Paramount Skydance shot up double digits, Wall Street watchers compared it to a meme stock.

Wall Street investors in aggregate are optimistic and expect a better turnaround for Paramount under David Ellison's leadership, who battled lawsuits and struggled for almost a year convincing regulators to approve the merger transaction while simultaneously negotiating profitable content deals for its streaming platform.