Warner Bros. Discovery, Inc. — Director's Dealing 2016

May 13, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2016-05-11

Reporting Person: MALONE JOHN C (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-11	Series A Common Stock	M	5300	$10.279	Acquired	328455	Direct
2016-05-11	Series A Common Stock	F	1881	$28.97	Disposed	326574	Direct
2016-05-11	Series C Common Stock	M	5300	$9.971	Acquired	11768540	Direct
2016-05-11	Series C Common Stock	F	1884	$28.06	Disposed	11766656	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-11	Director Stock Option (right to acquire)	$10.279	M	5300	Disposed	2016-05-11	Series A Common Stock (5300)	Direct
2016-05-11	Director Stock Option (right to acquire)	$9.971	M	5300	Disposed	2016-05-11	Series C Common Stock (5300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Common Stock	268337	Indirect
Series C Common Stock	1316424	Indirect

Footnotes

F1: The reporting person disclaims beneficial ownership of the shares owned by his spouse.

F2: This option is fully vested and exercisable.