What if Paramount became parent company to Nickelodeon since July 1990?

Now, we all know that Nickelodeon is currently apart of ViacomCBS prior to the merger between CBS Corporation and the second incarnation of Viacom. But this isn't about that. It's about what life would have been like if Paramount were the parent company to Nick since July 1990.

If It Had...
Paramount's influence with Nickelodeon would have its company divisions behind distribution on Nick's properties; Paramount Television would distribute all of Nick's television series and Paramount Digital Entertainment would be publishing every game Nick makes, including the mobile app games.

On Nickelodeon Movies' behalf, it would be a division to the Paramount Pictures film studio.