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

Jan 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2011-01-14

Reporting Person: Zaslav David (Director, Chief Executive Officer & Pres)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-14	Series A Common Stock	M	1190198	$14.81	Acquired	1190198	Direct
2011-01-14	Series A Common Stock	M	298981	$22.91	Acquired	1489179	Direct
2011-01-14	Series A Common Stock	M	372294	$14.34	Acquired	1861473	Direct
2011-01-14	Series A Common Stock	M	465368	$31.69	Acquired	2362841	Direct
2011-01-14	Series A Common Stock	D	1489179	$45.28	Disposed	837662	Direct
2011-01-14	Series A Common Stock	D	837662	$41.17	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-14	DAP Unit (Stock Appreciation Right)	$14.81	M	1190198	Disposed	2011-01-02	Series A Common Stock (1190198)	Direct
2011-01-14	DAP Unit (Stock Appreciation Right)	$22.91	M	298981	Disposed	2012-01-02	Series A Common Stock (298981)	Direct
2011-01-14	DAP Unit (Stock Appreciation Right)	$14.34	M	372294	Disposed	2013-01-02	Series A Common Stock (372294)	Direct
2011-01-14	DAP Unit (Stock Appreciation Right)	$31.69	M	465368	Disposed	2014-01-02	Series A Common Stock (465368)	Direct
2011-01-14	DAP Unit (Stock Appreciation Right)	$41.17	A	2326841	Acquired	2015-01-02	Series A Common Stock (2326841)	Direct

Footnotes

F1: The DAP Units in respect of these shares of stock vested and became payable on January 2, 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: The DAP Units vest in four equal annual installments beginning on January 2, 2008. On each vesting date, the vested DAP Units are automatically settled in cash.

F3: The DAP Units vest in four equal annual installments beginning on January 2, 2009. On each vesting date, the vested DAP Units are automatically settled in cash.

F4: The DAP Units vest in four equal annual installments beginning on January 2, 2010. On each vesting date, the vested DAP Units are automatically settled in cash.

F5: The DAP Units vest in four equal annual installments beginning on January 2, 2011. On each vesting date, the vested DAP Units are automatically settled in cash.

F6: The DAP Units vest in four equal annual installments beginning on January 2, 2012. On each vesting date, the vested DAP Units are automatically settled in cash.