It's generally agreed that the mountain is a rendering of Ben Lomond, a snowy peak near Ogden, Utah, where Hodkinson operated his first theaters. Even so, some maintain the summit is Mount Artesonraju in the Blanca range of the Peruvian Andes or the Italian side of Monte Viso in the Alps.

Is there a real Paramount mountain?

Artesonraju is a pyramidal mountain peak located near the city of Caraz in the Cordillera Blanca mountain range in the Peruvian Andes. This mountain serves as the inspiration for the newer Paramount Pictures production logo. ...

Why does the Paramount logo have 22 stars?

According to a Paramount rep (and many of you in the comments), those stars represent the first 22 actors who were contracted with the studio during the old studio system days.