I have seen the sign sell at supposedly reputable auction houses. The sign looks a deeper blue.

For example,
http://www.invaluable.com/auction-lot/vi...5-c-32a74f9dfa#

Lot 305: Vintage metal Paramount Television Productions studio sign.

Est: $2,000 - $3,000
Sold: $2,500
Profiles in History
December 21, 2013, 11:00 AM PST
Calabasas Hills, CA, US
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Originally Posted By carolinaskies
I would talk to some of the west coast collectors to see if Paramount actually used such signs in anything but very large size found on buildings. That particular logo dates to only 4-5 years according to logo wiki. The auction doesn't even show a sign, it shows a logo... had to laugh when I looked at it.