Paramount raises its offer for Warner Bros. Discovery

(CNN, KYMA) - Paramount announced Tuesday they have officially raised its bid for Warner Bros. Discovery (WBD).

Their 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.

In a statement, the WBD board says the Netflix agreement remains in effect while it reviews Paramount's proposal.

This comes a week after WBD gave Paramount a week to come up with a "best and final offer" after reopening talks.

As of this writing, WBD is currently set to hold a special meeting of shareholders to vote on the Netflix deal on March 20.