The original prior Paramount Television was transferred to CBS Corporation during its split from Viacom, which retained Paramount Pictures and its motion picture division, in 2005. After the spin-off in January 2006, the division was renamed as CBS Paramount Television, and then CBS Television Studios in May 2009, after the three-year agreement for licensing the Paramount trademarks expired. Paramount returned to television production based on the technological expansion of TV via streaming services, making it a vigorous business and Hollywood's growth engine. There is also recognition that severing the TV operation from Paramount had give them little to falling back on when films fail except for studio stage rentals.
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On March 4, 2013, Viacom president/CEO Philippe Dauman announced that Paramount opted to produce a television series based on one of their films. The show would allow Paramount to “get back, with very little investment, into the television production business.” Hours later, Paramount chairman/CEO Brad Grey announced that the studio was co-producing a CBS TV series based on Beverly Hills Cop with Sony Pictures Television; however, the show never got past the pilot phase. On July 22, 2013, it was announced that Amy Powell was made president of Paramount Television. Until 2019, The current Paramount Television had no ties to the CBS network, unlike the previous incarnation in its later years after the Viacom/CBS split.
In May 2014, Paramount Television and Anonymous Content signed a three-year first-look deal to produce and distribute scripted programming developed by Anonymous Content. In October 2014, Kyle Killen and Scott Pennington's company Chapter Eleven signed a two-year deal with Paramount TV and Anonymous Content after leaven 20th Century Fox Television.
In July 2014, Paramount TV signed a first-look pact with Robert Zemeckis, his producing partner Jack Rapke, and their production company Compari Entertainment.
Paramount Television and Federation Entertainment signed a first-look agreement in January 2017.
In July 2018, Powell was fired from her position as president in July 2018, following reports that several people had "concerns around [Powell's] comments [made in a] professional setting, which they believed were inconsistent" with Viacom's and Paramount's values. Powell countered the claims that she had made such insensitive comments and said she was considering legal action. In September 2018, Nicole Clemens became the new president of Paramount Television.
Viacom indicated that Paramount Television generated $400 million in 2018 revenue and produced nine series at the year end. In 2019, Paramount's chief executive Jim Gianopulos indicated that Paramount Television would have 20 series in production and double its profit.