Nickelodeon is a cable television network for Children and teens.  The network was started in 1979, and since then the branding has gone through a few changes.  The splash emblem wasn't used until 1984. This variation of the logo was designed by Tom Corey and Scott Nash.  The current logo is a still has the familiar orange color but the splash shape has been removed.  The newer logo is better because the font still has the same friendly appearance but it isn't being crammed into a shape.

Info from -  http://famouslogos.net/nickelodeon-logo/