It produced some of the biggest blockbusters in movie history and made some of the industry's greatest stars.
Giants of the silver screen, such as Charlton Heston, Sidney Poitier and Al Pacino, rubbed shoulders with Jim Carrey and Catherine Zeta Jones at the bash, at Paramount's Hollywood base.
One of the original major motion picture studios, it is best known for films including The Godfather, Titanic, Sunset Boulevard and Saturday Night Fever.
Today, it has a combined worth of more than £6billion spread across film, TV, theme parks and publishing houses. 'The key to Paramount is that we were always diversified,' said a spokesman.
'Other studios were known for one or two kinds of films - we were always able to offer a greater mix and use that appeal to attract wider audiences and get through difficult periods.'
Paramount was founded in 1912 by furrier Adolph Zukor, who made its first film, The Squaw Man, two years later.
During the 1930s, the studio's reputation grew with the burgeoning careers of Bing Crosby, Marlene Dietrich, Bob Hope and the Marx Brothers.