The move follows an initial announcement last September whereby Apple started selling feature length titles on iTunes from the Disney labels of Buena Vista, Pixar, Miramax and Touchstone.
The first tranche of Paramount titles will become available this month, while Paramount Vantage titles will be made available later in the year.
Films will be priced as $9.99 for purchase and download and can be viewed on a computer or fifth generation iPOd.
The deal is a coup for Apple which had faced competition from Amazon.com's Unbox service offering downloads from every studio but Disney.
Among new titles avaiable are South Park: Bigger, Longer & Uncut, Lemony Snicket's A Series Of Unfortunate Events, Lara Croft: Tomb Raider, and Paramount's Platinum Collection of concert films.