Edgar Filing: GOULD PAUL A

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

GOULD PAUL A

2. Issuer Name and Ticker or Trading Symbol
Discovery Communications, Inc. [DISAD]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

ONE DISCOVERY PLACE

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2008

(Street)

SILVER SPRING, MD 20910

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Director Stock Option (right to buy) ⁽¹⁾

$ 11.78

10/01/2008

661

⁽²⁾

09/09/2013

Series A Common Stock

661

⁽¹⁾

661

Director Stock Option (right to buy) ⁽¹⁾

$ 11.62

10/01/2008

661

⁽²⁾

09/09/2013

Series C Common Stock

661

⁽¹⁾

661

Director Stock Option (right to buy) ⁽³⁾

$ 101.81

10/01/2008

526

⁽²⁾

12/05/2013

Series A Common Stock

526

⁽³⁾

526

Director Stock Option (right to buy) ⁽³⁾

$ 100.46

10/01/2008

526

⁽²⁾

12/05/2013

Series C Common Stock

526

⁽³⁾

526

Director Stock Option (right to buy) ⁽⁴⁾

$ 10.78

10/01/2008

661

⁽²⁾

06/01/2014

Series A Common Stock

661

⁽⁴⁾

661

Director Stock Option (right to buy) ⁽⁴⁾

$ 10.64

10/01/2008

661

⁽²⁾

06/01/2014

Series C Common Stock

661

⁽⁴⁾

661

Director Stock Option (right to buy) ⁽⁵⁾

$ 12.15

10/01/2008

661

⁽²⁾

06/01/2015

Series A Common Stock

661

⁽⁵⁾

661

Director Stock Option (right to buy) ⁽⁵⁾

$ 11.99

10/01/2008

661

⁽²⁾

06/01/2015

Series C Common Stock

661

⁽⁵⁾

661

Director Stock Option (right to buy) ⁽⁶⁾

$ 12.12

10/01/2008

6,013

⁽²⁾

05/04/2016

Series A Common Stock

6,013

⁽⁶⁾

6,013

Director Stock Option (right to buy) ⁽⁶⁾

$ 11.96

10/01/2008

6,013

⁽²⁾

05/04/2016

Series C Common Stock

6,013

⁽⁶⁾

6,013

Director Stock Option (right to buy) ⁽⁷⁾

$ 19.17

10/01/2008

6,013

⁽²⁾

05/16/2017

Series A Common Stock

6,013

⁽⁷⁾

6,013

Director Stock Option (right to buy) ⁽⁷⁾

$ 18.91

10/01/2008

6,013

⁽²⁾

05/16/2017

Series C Common Stock

6,013

⁽⁷⁾

6,013

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
GOULD PAUL A ONE DISCOVERY PLACE SILVER SPRING, MD 20910	X

Signatures

/s/ Paul A. Gould		10/03/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Received in exchange for a Director Stock Option to acquire 1,100 shares of Discovery Holding Company ("DHC") Series A common stock at $14.07 per share, in connection with the merger of DHC with a wholly-owned subsidiary of the company (the "Merger"). Under the terms of the Merger, the conversion of outstanding Director Stock Options could not be calculated until 10 trading days of the company's Series A common stock had passed.
(2)	This option is fully vested and exercisable
(3)	Received in exchange for a Director Stock Option to acquire 875 shares of DHC Series A common stock at $121.64 per share, in connection with the Merger. Under the terms of the Merger, the conversion of outstanding Director Stock Options could not be calculated until 10 trading days of the company's Series A common stock had passed.
(4)	Received in exchange for a Director Stock Option to acquire 1,100 shares of DHC Series A common stock at $12.88 per share, in connection with the Merger. Under the terms of the Merger, the conversion of outstanding Director Stock Options could not be calculated until 10 trading days of the company's Series A common stock had passed.
(5)	Received in exchange for a Director Stock Option to acquire 1,100 shares of DHC Series A common stock at $14.52 per share, in connection with the Merger. Under the terms of the Merger, the conversion of outstanding Director Stock Options could not be calculated until 10 trading days of the company's Series A common stock had passed.
(6)	Received in exchange for a Director Stock Option to acquire 10,000 shares of DHC Series A common stock at $14.48 per share, in connection with the Merger. Under the terms of the Merger, the conversion of outstanding Director Stock Options could not be calculated until 10 trading days of the company's Series A common stock had passed.
(7)	Received in exchange for a Director Stock Option to acquire 10,000 shares of DHC Series A common stock at $22.90 per share, in connection with the Merger. Under the terms of the Merger, the conversion of outstanding Director Stock Options could not be calculated until 10 trading days of the company's Series A common stock had passed.
Remarks: The trading symbols for the Issuer's Series A, Series B and Series C common stock are, respectively, DISAD, DISBD and DISCK.

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