Warner Bros. Discovery, Inc. — Director's Dealing 2014

May 28, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2014-05-23

Reporting Person: BENNETT ROBERT R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-23	Series A Common Stock	M	35825	$9.91	Acquired	55548	Direct
2014-05-23	Series A Common Stock	S	35825	$78.21	Disposed	19723	Direct
2014-05-23	Series C Common Stock	M	55825	$9.78	Acquired	63506	Direct
2014-05-23	Series C Common Stock	S	55825	$75.03	Disposed	7681	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-23	Stock Option (right to purchase)	$9.91	M	35825	Disposed	2014-08-06	Series A Common Stock (35825)	Direct
2014-05-23	Stock Option (right to purchase)	$9.78	M	55825	Disposed	2014-08-06	Series C Common Stock (55825)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Common Stock	54913	Indirect
Series C Common Stock	54933	Indirect

Footnotes

F1: The price reported represents the weighted average sales price of shares of Series A common stock sold in multiple transactions at prices ranging from $78.15 to $78.27 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.

F2: The price reported represents the weighted average sales price of shares of Series C common stock sold in multiple transactions at prices ranging from $74.90 to $75.141 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 option is fully vested.