Warner Bros. Discovery, Inc. — Director's Dealing 2021

Feb 24, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Discovery, Inc. (DISCK)
CIK: 0001437107
Period of Report: 2021-02-23

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-23	Series C Common Stock	C	11000000	—	Acquired	11000002	Indirect
2021-02-23	Series C Common Stock	S	11000000	$42.15	Disposed	2	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-23	Series C-1 Convertible Participating Preferred Stock	$	C	568041	Disposed		Series C Common Stock (11000000)	Indirect

Footnotes

F1: On February 23, 2021, Advance/Newhouse Partnership ("A/NP") converted 568,041 shares of Discovery, Inc.'s Series C-1 Convertible Participating Preferred Stock ("Preferred Shares") into 11,000,000 shares of Discovery, Inc.'s Series C Common Stock ("Common Shares").

F2: A/NP is the record holder of the Preferred Shares and the Common Shares described above. The other reporting persons may be deemed to beneficially own the Preferred Shares and the Common Shares due to their control of A/NP. Each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest.

F3: Each Preferred Share is convertible pursuant to its terms into 19.3648 Common Shares at any time.