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

Mar 30, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2011-03-28

Reporting Person: Alpert-Romm Adria (SEVP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-28	Series A Common Stock	M	118411	$15.65	Acquired	118411	Direct
2011-03-28	Series A Common Stock	M	29890	$19.65	Acquired	148301	Direct
2011-03-28	Series A Common Stock	D	148301	$44.68	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-28	DAP Units	$15.65	M	118411	Disposed	2011-03-12	Series A Common Stock (118411)	Direct
2011-03-28	DAP Units	$19.65	M	29890	Disposed	2012-03-12	Series A Common Stock (29890)	Direct

Footnotes

F1: The DAP Units in respect of these shares of stock vested and became payable on March 12, 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 12, 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 12, 2009. On each vesting date, the vested DAP Units are automatically settled in cash only.