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

Jun 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2011-06-01

Reporting Person: HENDRICKS JOHN S (Director, Founder)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-01	Series A Common Stock	M	100000	$14.53	Acquired	1907040	Direct
2011-06-01	Series A Common Stock	S	100000	$43.40	Disposed	1807040	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-06-01	Employee Stock Options (right to buy)	$14.53	M	100000	Disposed	2018-10-01	Series A Common Stock (100000)	Direct

Footnotes

F1: Pursuant to a plan entered into in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.

F2: The price reported represents the weighted average sales price of shares of Series A common stock sold in multiple transactions at prices ranging from $43.04 to $43.73 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.

F3: This stock option vests in four equal annual installments beginning October 1, 2009.