Warner Bros. Discovery, Inc. — Director's Dealing 2017

Aug 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISC)
CIK: 0001437107
Period of Report: 2017-08-07

Reporting Person: ADVANCE LONG-TERM MANAGEMENT TRUST (Director, 10% Owner)
Reporting Person: NEWHOUSE BROADCASTING CORP (Director, 10% Owner)
Reporting Person: ADVANCE PUBLICATIONS, INC (Director, 10% Owner)
Reporting Person: NEWHOUSE FAMILY HOLDINGS, L.P. (Director, 10% Owner)
Reporting Person: ADVANCE/NEWHOUSE PROGRAMMING PARTNERSHIP (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-08-07	Series A Convertible Participating Preferred Stock	$	D	70673242	Disposed		Series A Common Stock (70673242)	Indirect
2017-08-07	Series A Convertible Participating Preferred Stock	$	D	70673242	Disposed		Series C Common Stock (70673242)	Indirect
2017-08-07	Series C Convertible Participating Preferred Stock	$	D	24874370	Disposed		Series C Common Stock (49748740)	Indirect
2017-08-07	Series A-1 Convertible Participating Preferred Stock	$	A	7852582.44	Acquired		Series A Common Stock (70673242)	Indirect
2017-08-07	Series C-1 Convertible Participating Preferred Stock	$	A	6218592.5	Acquired		Series C Common Stock (120421982)	Indirect

Footnotes

F1: Each share of Series A Convertible Participating Preferred Stock is convertible pursuant to its terms into one share of Series A Common Stock and one share of Series C Common Stock at any time (following a stock dividend that occurred on August 6, 2014).

F2: On August 7, 2017, shares of Series A Convertible Participating Preferred Stock and Series C Convertible Participating Preferred Stock were transferred to the Issuer in exchange for shares of Series A-1 Convertible Participating Preferred Stock and Series C-1 Convertible Participating Preferred Stock (the "Exchange"). Immediately following the Exchange, Advance/Newhouse Programming Partnership's beneficial ownership of the aggregate number of shares of Series A Common Stock and Series C Common Stock into which the Series A-1 Convertible Participating Preferred Stock and Series C-1 Convertible Participating Preferred Stock received by Advance/Newhouse Programming Partnership in the Exchange are convertible remained unchanged.

F3: Each share of Series C Convertible Participating Preferred Stock is convertible pursuant to its terms into two shares of Series C Common Stock at any time (following a stock dividend that occurred on August 6, 2014).

F4: Each share of Series A-1 Convertible Participating Preferred Stock is convertible pursuant to its terms into nine shares of Series A Common Stock at any time.

F5: Each share of Series C-1 Convertible Participating Preferred Stock is convertible pursuant to its terms into 19.3648 shares of Series C Common Stock at any time.

F6: Prior to the Exchange, Advance/Newhouse Programming Partnership was the record holder of the Series A Convertible Participating Preferred Stock and Series C Convertible Participating Preferred Stock. The other reporting persons owned such shares through subsidiaries. Each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest.

F7: After the Exchange, Advance/Newhouse Programming Partnership is the record holder of the Series A-1 Convertible Participating Preferred Stock and Series C-1 Convertible Participating Preferred Stock. The other reporting persons own such shares through subsidiaries. Each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest.

F8: Disposed to the Issuer in an exempt transaction.

F9: Acquired from the Issuer in an exempt transaction.