Editing Paramount Pictures (section)

===1989–94: Paramount Communications===
{{Infobox company
| name = Paramount Communications, Inc.
| type = [[Public company|Public]]
| traded_as = {{NYSE was|PCI}}
| logo = [[File:Paramount Communications.svg|frameless|class=skin-invert]]
| logo_size = 250px
| fate = Acquired and folded into [[Viacom (1952–2006)|Viacom]]
| predecessor = [[Gulf and Western Industries|Gulf and Western Inc.]]
| successor = [[Viacom (1952–2006)|Viacom]]
| foundation = {{start date and age|1989}}
| defunct = {{end date and age|1994|7|7}}
| location = [[New York City, New York]], United States
| industry = [[Entertainment industry|Entertainment]]<br />[[Mass media]]<br />[[Publishing]]
| founder = Martin S. Davis
| parent = 
| subsid = [[Madison Square Garden Sports|Madison Square Garden]]<br />Paramount Pictures<br />[[Simon & Schuster]]
}}

In 1983, Gulf and Western began a restructuring process that would transform the corporation from a bloated conglomerate consisting of subsidiaries from unrelated industries to a more focused entertainment and publishing company. The idea was to aid financial markets in measuring the company's success, which, in turn, would help place better value on its shares. Though its Paramount division did very well in recent years, Gulf and Western's success as a whole was translating poorly with investors. This process eventually led Davis to divest many of the company's subsidiaries. Its sugar plantations in Florida and the Dominican Republic were sold in 1985; the consumer and industrial products branch was sold off that same year.<ref name = "lbm" /> In 1989, Davis renamed the company Paramount Communications Incorporated after its primary asset, Paramount Pictures. The company's ticker symbol was changed from GW to PCI.<ref name="restructure">{{cite news|url=https://www.latimes.com/archives/la-xpm-1989-04-10-fi-1718-story.html|title=Gulf & Western Wants Buyer for Finance Division : Paramount's Parent Plans to Change Name, Focus on Entertainment, Publishing|last=Williams|first=Linda|date=April 10, 1989|newspaper=Los Angeles Times|access-date=May 21, 2012|archive-date=June 26, 2013|archive-url=https://web.archive.org/web/20130626205936/http://articles.latimes.com/1989-04-10/business/fi-1718_1_paramount-s-parent-plans-values-publishing-businesses|url-status=live}}</ref> In addition to the Paramount film, television, home video, and music publishing divisions, the company continued to own the Madison Square Garden properties (which also included [[MSG (TV network)|MSG Network]]), a 50% stake in [[USA Network]]s (the other 50% was owned by [[MCA Inc.|MCA]]/[[Universal Pictures]]) and Simon & Schuster, [[Prentice Hall]], [[Pocket Books]], [[Allyn & Bacon]], Cineamerica (a joint venture with [[Warner Communications]]), and Canadian cinema chain [[Famous Players Theatres]].<ref name = "lbm">Prince, Stephen (2000) ''A New Pot of Gold: Hollywood Under the Electronic Rainbow, 1980–1989'' (p. 60-65). [[University of California Press]], [[Berkeley, California|Berkeley]]/[[Los Angeles, California]]. {{ISBN|0-520-23266-6}}</ref>

That same year, the company launched a $12.2&nbsp;billion hostile bid to acquire [[Time Inc.]] in an attempt to end a stock-swap merger deal between Time and Warner Communications. This caused Time to raise its bid for Warner to $14.9&nbsp;billion in cash and stock. Gulf and Western responded by filing a lawsuit in a Delaware court to block the Time-Warner merger. The court ruled twice in favor of Time, forcing Gulf and Western to drop both the Time acquisition and the lawsuit, and allowing the formation of [[Time Warner]].

Paramount used cash acquired from the sale of Gulf and Western's non-entertainment properties to take over the [[TVX Broadcast Group]] chain of television stations (which at that point consisted mainly of large-market stations which TVX had bought from [[Taft Broadcasting]], plus two mid-market stations which TVX owned prior to the Taft purchase), and the [[KECO Entertainment]] chain of theme parks from Taft successor Great American Broadcasting. Both of these companies had their names changed to reflect new ownership: TVX became known as the [[Paramount Stations Group]], while KECO was renamed to [[Paramount Parks]].

Paramount Television launched Wilshire Court Productions in conjunction with USA Networks, before the latter was renamed [[NBCUniversal Cable]], in 1989. Wilshire Court Productions (named for a side street in Los Angeles) produced [[television film]]s that aired on the USA Networks, and later for other networks. USA Networks launched a second channel, the Sci-Fi Channel (now known as [[Syfy]]), in 1992. As its name implied, it focused on films and television series within the science fiction genre. Much of the initial programming was owned either by Paramount or Universal. Paramount bought one more television station in 1993: [[Cox Enterprises]]' [[WKBD-TV]] in Detroit, Michigan, at the time an affiliate of the [[Fox Broadcasting Company]].
[[File:Paramount Studios Backlot.jpg|left|thumb|Paramount Backlot in between filming in 2024]]