Advance Long Term Management Trust - Jun 24, 2021 Form 4 Insider Report for Discovery, Inc. (WBD)

Role: Director, 10%+ Owner
Signature: Advance/Newhouse Programming Partnership, By: /s/ Oren Klein, Chief Financial Officer
Stock symbol: WBD
Transactions as of: Jun 24, 2021
Transactions value $: $0
Form type: 4
Date filed: 6/28/2021, 06:01 PM
Previous filing: Jun 23, 2021

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)	Expiration of short derivative position	$0	-417K	-33.33%	$0.00	833K	Jun 24, 2021	Series C Common Stock	417K	$31.30	See Footnote	F1, F2, F3
transaction	WBD	Put option (right to sell)	Other	$0	-417K	-33.33%	$0.00	833K	Jun 24, 2021	Series C Common Stock	417K	$24.18	See Footnote	F1, F2, F3
transaction	WBD	Call option (obligation to sell)	Expiration of short derivative position	$0	-417K	-50%	$0.00	417K	Jun 25, 2021	Series C Common Stock	417K	$31.30	See Footnote	F1, F2, F3
transaction	WBD	Put option (right to sell)	Other	$0	-417K	-50%	$0.00	417K	Jun 25, 2021	Series C Common Stock	417K	$24.18	See Footnote	F1, F2, F3
transaction	WBD	Call option (obligation to sell)	Expiration of short derivative position	$0	-417K	-100%	$0.00^*	0	Jun 28, 2021	Series C Common Stock	417K	$31.30	See Footnote	F1, F2, F3
transaction	WBD	Put option (right to sell)	Other	$0	-417K	-100%	$0.00^*	0	Jun 28, 2021	Series C Common Stock	417K	$24.18	See Footnote	F1, F2, F3

* 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 portion of the Transaction representing both the Bank's call option and A/NPP's put option expiring on such date expired unexercised.