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

May 9, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-05	Series A Common Stock	M	3025	$19.082	Acquired	334841	Direct
2017-05-05	Series A Common Stock	F	2131	$27.09	Disposed	332710	Direct
2017-05-05	Series C Common Stock	M	3025	$18.508	Acquired	11769681	Direct
2017-05-05	Series C Common Stock	F	2116	$26.46	Disposed	11767565	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-05	Director Stock Option (right to acquire)	$19.082	M	3025	Disposed	2017-05-05	Series A Common Stock (3025)	Direct
2017-05-05	Director Stock Option (right to acquire)	$18.508	M	3025	Disposed	2017-05-05	Series C Common Stock (3025)	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.