Warner Bros. Discovery, Inc. — Director's Dealing 2011

May 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2011-05-13

Reporting Person: Hollinger Mark G (Pres. & CEO, DNI)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-13	Series A Common Stock	M	227214	$15.34	Acquired	247234	Direct
2011-05-13	Series A Common Stock	S	227214	$44.40	Disposed	20020	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-13	Employee Stock Option (right to acquire)	$15.34	M	227214	Disposed	2012-06-10	Series A Common Stock (227214)	Direct

Footnotes

F1: The price reported represents the weighted average sales price of shares of Series A common stock sold in multiple transactions at prices ranging from $44.25 to $44.88 per share. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

F2: This stock option vests 33% on March 10, 2010, 33% on March 10, 2011 and 34% on March 10, 2012.