In a large skillet over medium heat, melt the butter. Add the corn, salt, pepper and paprika.
Cook until softened, about 3 minutes. Stir in the flour and cook for 1 minute. Reduce the heat to medium and add the cream and thyme.
Simmer until the mixture thickens, about 2-3 minutes. Stir in the milk and reduce heat to low and gently simmer for 10 minutes, whisking occasionally.
Add the Parmesan cheese and stir until melted. Serve immediately.