Viacom's Paramount Pictures is looking at a sequel to current hit release "Paranormal Activity."

In Viacom's earnings call Tuesday morning, CEO Philippe Dauman said the movie has been one of those surprise hits that comes along only rarely.

Given that a follow-up release wouldn't have the same element of surprise as "Paranormal," it will be key to craft a smart approach to a sequel, he said. "Our team will come up with the right creative and marketing approach," he told analysts.