Paramount Classics was launched on May 15, 1998 and released such art house fare as The Virgin Suicides, You Can Count on Me, Sunshine, Mostly Martha, Winter Solstice, and three Patrice Leconte films (Girl on the Bridge, The Man on the Train, Intimate Strangers).

Although film journalist David Poland felt "Ruth Vitale and David Dinerstein have proven to have wonderful taste heading up Paramount Classics",[1] the duo was fired in October 2005.

"[3] In 2007, Paramount Vantage partnered with then-Disney subsidiary Miramax on two of the year's most highly regarded movies, No Country for Old Men and There Will Be Blood.

Both films garnered eight nominations at the Academy Awards, with There Will Be Blood winning the awards for Best Cinematography and Best Actor for Daniel Day-Lewis, while No Country for Old Men won for Best Adapted Screenplay, Best Director, Best Supporting Actor for Javier Bardem, and Best Picture.

Only No Country for Old Men made a profit, while films that many believe should have generated significant returns failed to deliver through either poor or excessive marketing.