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Paramount Pictures is one of the world's largest producers of film and television entertainment. It is owned by Viacom, and located at 5555 Melrose Avenue in Hollywood, California. The company owns half of The CW Network, along with Warner Bros.

In 2004, Paramount attempted to produce a movie based on Watchmen, based on a script by David Hayter and directed by Paul Greengrass. Budgetary and content concerns led the film to a turnaround, leading Warner Bros. to pick up the film in 2005. After Warner Bros. officially became involved, the studio claimed that because Paramount had not fully reimbursed Universal Pictures for its development costs, Paramount had no legal claim over the film rights. Therefore, it would not be entitled to co-finance the film with Warner Bros. After negotiations between the studios, they agreed that Paramount would own 25% of the film and would distribute it outside North America. Paramount was also responsible for international release of the Tales of the Black Freighter DVD.

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