Warner Bros. Discovery, Inc. — Director's Dealing 2012

Jan 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2012-01-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-17	Series A Common Stock	M	298981	$22.91	Acquired	298981	Direct
2012-01-17	Series A Common Stock	M	372294	$14.34	Acquired	671275	Direct
2012-01-17	Series A Common Stock	M	465368	$31.69	Acquired	1136643	Direct
2012-01-17	Series A Common Stock	M	581710	$41.17	Acquired	1718353	Direct
2012-01-17	Series A Common Stock	D	298981	$45.43	Disposed	1419372	Direct
2012-01-17	Series A Common Stock	D	1419372	$41.30	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-17	DAP Unit (Stock Appreciation Right)	$22.91	M	298981	Disposed	2012-01-02	Series A Common Stock (298981)	Direct
2012-01-17	DAP Unit (Stock Appreciation Right)	$14.34	M	372294	Disposed	2013-01-02	Series A Common Stock (372294)	Direct
2012-01-17	DAP Unit (Stock Appreciation Right)	$31.69	M	465368	Disposed	2014-01-02	Series A Common Stock (465368)	Direct
2012-01-17	DAP Unit (Stock Appreciation Right)	$41.17	M	581710	Disposed	2015-01-02	Series A Common Stock (581710)	Direct
2012-01-17	Cash-Settled Stock Appreciation Right	$41.30	A	1718353	Acquired	2016-01-02	Series A Common Stock (1718353)	Direct

Footnotes

F1: The DAP Units in respect of these shares of stock vested and became payable on January 2, 2012. 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, 2009. On each vesting date, the vested DAP Units are automatically settled in cash without any action required by the Reporting Person.

F3: 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 without any action required by the Reporting Person.

F4: 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 without any action required by the Reporting Person.

F5: 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 without any action required by the Reporting Person.

F6: The Cash-Settled Stock Appreciation Rights vest in four equal annual installments beginning on January 2, 2013. On each vesting date, the vested Cash-Settled Stock Appreciation Rights are automatically settled in cash without any action required by the Reporting Person.