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DISCOVERY COMMUNICATIONS, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement

August 26, 2014

Item 1.01 Entry into a Material Definitive Agreement. As previously reported by Discovery Communications, Inc. (the "Company"), on May 22, 2014, the Company entered into a share repurchase agreement (the "Agreement") with Advance/Newhouse Programming Partnership ("ANPP") to repurchase from ANPP shares of the Company's Series C convertible participating preferred stock, par value $0.01 per share, on a quarterly basis in accordance with the terms of the Agreement. On August 25, 2014, the Company and ANPP entered into a letter agreement (the "Letter Amendment"), which amends the Agreement to give the Company the right to terminate the Agreement, in the Company's sole discretion, upon delivery of written notice of termination to ANPP. Except as expressly amended by the Letter Amendment, the Agreement remains in full force and effect in accordance with its original terms. A copy of the Letter Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The material terms of the Agreement are summarized in Item 1.01 of the Company's Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on May 22, 2014, which is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Letter Amendment, dated August 25, 2014, between Discovery Communications, Inc. and Advance/Newhouse Programming Partnership 2



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