Paramount Television Studios, formerly known as the second incarnation of Paramount Television, is an American television production and distribution company, that is a division of Paramount Pictures, a subsidiary of ViacomCBS. In March 2013, Paramount returned to television production based on the technological expansion of television via streaming services, making it a vigorous business and Hollywood's growth engine. There was also recognition that severing the television operation from Paramount had given them little to fall back on when films fail, except for studio stage rentals.