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

Oct 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2011-10-14

Reporting Person: HENDRICKS JOHN S (Director, Founder)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-14	Series A Common Stock	M	497071	$25.95	Acquired	2245021	Direct
2011-10-14	Series A Common Stock	D	497071	$39.43	Disposed	1747950	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-14	DAP Unit (Stock Appreciation Right)	$25.95	M	497071	Disposed	2011-10-01	Series A Common Stock (497071)	Direct

Footnotes

F1: The DAP Units in respect of these shares of stock vested and became payable on October 1, 2011. Under the terms of the DAP, however, the amounts payable in respect of the vested units are calculated based on the average closing prices for the 10 trading days preceding and including the vesting date and the 10 trading days after the vesting date.

F2: These DAP Units vested in four equal annual installments beginning October 1, 2008. On each vesting date, the vested DAP Units were automatically settled in cash only.