ADVANCE LONG-TERM MANAGEMENT TRUST - 17 May 2021 Form 4 Insider Report for Discovery, Inc. (WBD)

Role: Director, 10%+ Owner
Signature: Advance/Newhouse Programming Partnership, By: /s/ Oren Klein
Issuer symbol: WBD
Transactions as of: 17 May 2021
Net transactions value: -$26,086,354
Form type: 4
Filing time: 19 May 2021, 21:37:58 UTC
Next filing: 24 May 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WBD	Series C Common Stock	Exercise of in-the-money or at-the-money derivative security	$13,043,177	-416,667	-3.3%	$31.30	12,090,557	17 May 2021	See Footnote	F1, F2, F3
transaction	WBD	Series C Common Stock	Exercise of in-the-money or at-the-money derivative security	$13,043,177	-416,667	-3.4%	$31.30	11,673,890	18 May 2021	See Footnote	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WBD	Call option (obligation to sell)	Exercise of in-the-money or at-the-money derivative security	$0	-416,667	-3.3%	$0.000000	12,083,333	17 May 2021	Series C Common Stock	416,667	$31.30	See Footnote	F1, F2, F3
transaction	WBD	Put option (right to sell)	Other	$0	-416,667	-3.3%	$0.000000	12,083,333	17 May 2021	Series C Common Stock	416,667	$24.18	See Footnote	F1, F2, F3
transaction	WBD	Call option (obligation to sell)	Exercise of in-the-money or at-the-money derivative security	$0	-416,667	-3.4%	$0.000000	11,666,666	18 May 2021	Series C Common Stock	416,667	$31.30	See Footnote	F1, F2, F3
transaction	WBD	Put option (right to sell)	Other	$0	-416,667	-3.4%	$0.000000	11,666,666	18 May 2021	Series C Common Stock	416,667	$24.18	See Footnote	F1, F2, F3
transaction	WBD	Call option (obligation to sell)	Expiration of short derivative position	$0	-416,667	-3.6%	$0.000000	11,249,999	19 May 2021	Series C Common Stock	416,667	$31.30	See Footnote	F1, F2, F4
transaction	WBD	Put option (right to sell)	Other	$0	-416,667	-3.6%	$0.000000	11,249,999	19 May 2021	Series C Common Stock	416,667	$24.18	See Footnote	F1, F2, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Advance/Newhouse Programming Partnership ("A/NPP") is the record holder of the Common Shares and the call options and put options described above. The other reporting persons may be deemed to beneficially own Common Shares and the call options and put options held by A/NPP due to their control of A/NPP. Each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest.
F2	As previously disclosed, on June 13, 2019, A/NPP entered into a Share Collar Transaction (the "Transaction") with an unaffiliated bank (the "Bank"), pursuant to which A/NPP wrote European call options and purchased European put options over an aggregate of 12,500,000 shares of Class C common stock (the "Common Shares"). The Transaction expires evenly over a series of expiration dates from May 17, 2021 to June 28, 2021, inclusive.
F3	Pursuant to the Transaction, on the transaction date listed above, the Bank's call option was automatically exercised with respect to the portion of the Transaction expiring on such date, and A/NPP became obligated to deliver the relevant number of Common Shares against payment of the exercise price. On the same date, the related put option with respect to an equal number of Common Shares expired unexercised.
F4	Pursuant to the Transaction, on the transaction date listed above, the portion of the Transaction representing both the Bank's call option and A/NPP's put option expiring on such date expired unexercised.