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Investing.com -- Paramount Skydance Corp. shares climbed as much as 30% on Wednesday, building on Tuesday’s 8% gain and making it the top performer in the S&P 500.
The stock surge follows the company’s recent announcement that it acquired exclusive rights to broadcast all Ultimate Fighting Championship events in the United States from TKO Group. The deal, worth $7.7 billion, spans seven years and was announced on Monday.
Paramount Skydance is the newly formed entity resulting from Paramount Global’s merger with Skydance Media. The Federal Communications Commission approved the merger on July 25, and the combined company began trading on August 8.
Evercore ISI media analyst Kutgun Maral noted in an August 12 research note that Paramount Skydance’s UFC deal sends a "loud message to Hollywood, sports leagues, and Wall Street alike that the merged company is prepared to invest in its ambitions to empower its creative engines and scale Paramount+ globally."
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