Paramount raises offer for WBD

(CNN)– Paramount has officially raised its bid for Warner Brothers Discovery.

Paramount’s earlier offer of $30 per share was rejected as inferior to WBD’s current deal with Netflix.

Since then, Paramount has appealed directly to shareholders in what’s known as a hostile takeover bid.

The new price has not been disclosed, but a source says it values WBD above $30 per share.

Analysts say Netflix is likely to match the offer, but a top executive warned that Netflix is willing to walk away rather than overpay.