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

Apr 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2011-04-01

Reporting Person: Campbell Bruce (Chief Dev Officer&Genl Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2001-04-01	Series A Common Stock	M	209708	$16.32	Acquired	209708	Direct
2001-04-01	Series A Common Stock	M	52389	$19.31	Acquired	262097	Direct
2001-04-01	Series A Common Stock	D	262097	$43.91	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-01	DAP Units	$16.32	M	209708	Disposed	2011-04-01	Series A Common Stock (209708)	Direct
2001-04-01	DAP Units	$19.31	M	52389	Disposed	2012-04-01	Series A Common Stock (52389)	Direct

Footnotes

F1: The DAP Units in respect of these shares of stock vested and became payable on March 19, 2011. Under the terms of the DAP, however, the amounts payable in respect of the vested units could not be calculated until 10 trading days had passed from the vesting date.

F2: These DAP Units vest in four equal annual installments beginning March 19, 2008. On each vesting date, the vested DAP Units are automatically settled in cash only.

F3: These DAP Units vest in four equal annual installments beginning March 19, 2009. On each vesting date, the vested DAP Units are automatically settled in cash only.