Paramount Publix Corporation had planned to build one “perfect movie house” in every state of the union. Theaters that utilized a similar design to Ashland's Paramount were constructed in Denver; Oakland; Seattle; Aurora, Illinois; Cedar Rapids, Iowa; Abilene, Texas; Bristol, Tennessee; Washington; Charlottesville, Virginia; Anderson, Indiana; Austin, Texas; and Springfield, Massachusetts.
The Paramount retired as a movie theatre forty years later in 1971. The Greater Ashland Foundation was created in 1972 and purchased the Paramount to preserve and repurpose the historic building. The organization established a performing arts center and reopened the theater as the “Paramount Arts Center” in that same year. The theater operates as a non-profit organization with symphonies, plays, ballets, and other productions. Local-musician-turned-national-touring-act Billy Ray Cyrus selected the Paramount as the setting for the music video for his 1992 hit Achy Breaky Heart.