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

May 12, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery Communications, Inc. (DISCA)
CIK: 0001437107
Period of Report: 2017-05-10

Reporting Person: GOULD PAUL A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-10	Series A Common Stock	M	6013	$9.73	Acquired	188676	Direct
2017-05-10	Series A Common Stock	S	2217	$26.48	Disposed	186459	Direct
2017-05-10	Series C Common Stock	M	6013	$9.437	Acquired	445619	Direct
2017-05-10	Series C Common Stock	M	6013	$9.456	Acquired	451632	Direct
2017-05-10	Series C Common Stock	M	6013	$9.456	Acquired	457645	Direct
2017-05-10	Series C Common Stock	S	6615	$25.808	Disposed	451030	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-10	Director Stock Option (right to acquire)	$9.73	M	6013	Disposed	2017-05-16	Series A Common Stock (6013)	Direct
2017-05-10	Director Stock Option (right to acquire)	$9.437	M	6013	Disposed	2017-05-16	Series C Common Stock (6013)	Direct
2017-05-10	Director Stock Option (right to acquire)	$9.456	M	6013	Disposed	2017-05-16	Series C Common Stock (6013)	Direct
2017-05-10	Director Stock Option (right to acquire)	$9.456	M	6013	Disposed	2017-05-16	Series C Common Stock (6013)	Direct

Footnotes

F1: The price reported represents the weighted average sales price of shares of Series C common stock sold in multiple transactions at prices ranging from $25.766 to $25.809 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: This option is fully vested and exercisable.