Funny, I've always just figured that MTV Films and Nickelodeon Films were divisions under Paramount. Alas, I was wrong -- just because they are distributed by Paramount doesn't mean that Paramount runs them. They are in fact separately run companies under Paramount's parent corporation, Viacom. Damn, aren't media corporations confusing? Let's think of it this way: Paramount is the older half-brother from Mom's previous marriage, and MTV and Nickelodeon are the little siblings from Mom's newer marriage to Viacom (Personally, my favorite of her husbands was that oil tycoon Gulf and Western).
Well, now Paramount is talking to step-daddy Viacom about becoming the legal guardian of its little brother and sister. Okay, I think I'm making it all even more confusing. Basically, MTV Films and Nickelodeon Films will be run by Paramount Pictures, thereby putting all of Viacom's film production eggs into one basket. Okay, enough metaphors. You get it.
The real issue here is whether or not the divisions will retain their cable-channel-associated names once they are consolidated with Paramount. I'm assuming they will, since they are such important name brands for the movies produced or acquired by them. After all, it definitely saves a bit on movie marketing to have MTV and Nickelodeon's core audiences simply attracted to the studio name.