Paramount's early artists included directors Cecil B. DeMille and William S. Hart, and stars Mary Pickford, Rudolf Valentino and Clara Bow. Wings, the studio's 1928 release, received the very first Academy Award® for Best Picture from the members of the Academy of Motion Picture Arts and Sciences.

Gulf and Western Industries also bought the neighboring Desilu television studio (once the lot of RKO Pictures) from Lucille Ball in 1967. Using Desilu's established shows like Star Trek, Mission: Impossible and Mannix as a foot in the door at the networks, Paramount Television eventually became known as a specialist in half-hour situation comedies.

Gulf and Western Industries, Inc. acquired control of Paramount on March 24, 1966. The corporation turned its interest toward the new entertainment division, and on June 5, 1989, G+W was renamed Paramount Communications Inc.

On March 11, 1994, Paramount merged with Viacom Inc, under the leadership of Sumner Redstone, chairman of the board and chief executive officer. Today, Paramount Pictures, together with Paramount Television, CBS Television, Simon & Schuster Publishing, MTV Networks, Showtime Networks, Infinity, BET, UPN, Paramount Parks and Blockbuster Entertainment comprise the entertainment leader, Viacom Inc.