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Paramount Pictures Studios
Paramount Pictures Studios

 

Paramount Pictures Studios

Paramount Pictures Corporation is an American film production and distribution company, located at 5555 Melrose Avenue in Hollywood. Founded in 1912 and currently owned by media conglomerate Viacom, it is America's oldest existing film studio; it is also the last major film studio still headquartered in the Hollywood district of Los Angeles. Paramount is consistently ranked as one of the top-grossing movie studios.Paramount Pictures Corporation is an American film production and distribution company, located at 5555 Melrose Avenue in Hollywood. Founded in 1912 and currently owned by media conglomerate Viacom, it is America's oldest existing film studio; it is also the last major film studio still headquartered in the Hollywood district of Los Angeles. Paramount is consistently ranked as one of the top-grossing movie studios.

2005–present: Paramount today

CBS Corporation/Viacom split

Reflecting in part the troubles of the broadcasting business, in 2005 Viacom wrote off over $28 billion from its radio acquisitions and, early that year, announced that it would split itself in two. The split was completed in January 2006.

Among the assets that went to the new CBS Corporation are the CBS television and radio networks, the Infinity radio-station chain (now CBS Radio), Paramount Television (now CBS Television Studios), UPN (which merged with Time Warner's The WB to become The CW), and the Showtime Networks pay TV unit which includes Showtime, The Movie Channel and Flix. CBS was also given control of Paramount Parks which it sold to Cedar Fair Entertainment Company in June 2006 for $1.24 billion.

Paramount Pictures is now lumped in with MTV, BET, and other highly profitable channels owned by the new Viacom.

With the announcement of the split of Viacom, Dolgen and Lansing were replaced by former television executives Brad Grey and Gail Berman. The decision was made to split Viacom into two companies, which in turn led to a dismantling of the Paramount Studio/Paramount TV infrastructure, with the current Paramount, consisting only of the movie studio, retaining only about one-quarter its former size under Dolgen and Lansing. The Paramount Television studio was made part of CBS in the split and the remaining businesses were sold off or parceled out to other operating groups. Paramount's home entertainment unit continues to distribute the Paramount TV library through CBS DVD, as both Viacom and CBS Corporation are controlled by Michael Redstone's National Amusements.

In 2009, CBS stopped using the Paramount name in its series and changed the name of the production arm to CBS Television Studios, eliminating the Paramount name from television, to distant itself from the latter. It is one of only 2 of the Big Six to have this fate (the other being Columbia Pictures, although unlike Paramount, it is still a direct sister to its former TV arm).

Joint venture with DreamWorks

On December 11, 2005, The Paramount Motion Pictures Group announced that it had purchased DreamWorks SKG (which was co-founded by former Paramount executive Jeffrey Katzenberg) in a deal worth $1.6 billion. The announcement was made by Brad Grey, chairman and CEO of Paramount Pictures, who noted that enhancing Paramount's pipeline of pictures is a "key strategic objective in restoring Paramount's stature as a leader in filmed entertainment." The agreement does not include DreamWorks Animation SKG Inc., the most profitable part of the company that went public the previous year.

Under the deal, Paramount is required to distribute the DreamWorks animated films for a small fee intended only to cover Paramount's out of pocket costs with no profit to the studio, including the Shrek franchise (and ending for the 2004 installment, Shrek 2). The first film distributed under this deal is Over the Hedge.

The deal closed on February 6, 2006. This acquisition was seen at the time as a stopgap measure as Brad Grey had been unsuccessful in assembling sufficient films for production and distribution and the DreamWorks films would fill the gap.

On October 6, 2008, Paramount and DreamWorks announced the joint venture was ending and that DreamWorks would be seeking new distributors for its films.

 







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