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

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

Key Takeaways Paramount Skydance shares jumped nearly 40% Wednesday after CNBC stock commentator Jim Cramer called it a "meme stock."The newly merged media conglomerate experienced a surge in trading volume after Cramer's tweet noting the company's "small float" of shares available to the public.