DISCOVERY COMMUNICATIONS, RON HOWARD AND BRIAN GRAZER FUND "NEW FORM" DIGITAL STUDIO

Studio Names Kathleen Grace as Chief Creative Officer

(Silver Spring, MD) Discovery Communications, Brian Grazer and Ron Howard today announced the formation of New Form, a joint venture, next generation digital studio that brings together Discovery's expertise in engaging audiences across global platforms with the award-winning producers behind such hits as 24, Arrested Development, Apollo 13, A Beautiful Mind, 8 Mile, American Gangster and dozens of other successful films and TV series.

Based in Los Angeles and helmed by Kathleen Grace, who has been appointed Chief Creative Officer, New Form will focus on developing high-quality, scripted and unscripted programming for today's digital viewers. Partnering with key distributors and brands, New Form's series will be available through a series of partnerships, with the possibility of expanded distribution across Discovery and partner platforms globally in the future.

"We are excited and proud to have the most accomplished and creative minds in all of film and television investing with us in New Form," said David Zaslav, President and CEO, Discovery Communications. "Brian and Ron are best-in-class storytellers, and we look forward to developing compelling programming for today's digital viewers. This creative powerhouse, coupled with Discovery's strong programming expertise and our ability to engage viewers across our global platforms, is an unparalleled combination."

"Technology is rapidly changing the entertainment landscape for studios, producers and audiences, and Ron and I could not think of a better partner to invest with than Discovery to expand beyond film and television and enter into the digital frontier," added Grazer.

"By investing with Discovery, New Form is poised to re-imagine storytelling and reach new audiences online and beyond," continued Howard.

New Form CCO Kathleen Grace most recently served as head of creative development for the YouTubeSpace LA, a 41,000 square foot facility dedicated to YouTube content creators and collaboration. Prior to joining YouTube, she was Vice President of Production and Programming at Next New Networks (acquired by YouTube in 2011), producing original series and working with emerging online talent.

New Form is an independent venture between Discovery Communications, Brian Grazer, Ron Howard, Craig Jacobson, Ed Wilson, Jim Wiatt, Michael Rosenberg and CAA.

About Discovery Communications

Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) is the world's #1 pay-TV programmer reaching 2.5 billion cumulative subscribers in over 220 countries and territories. Discovery is dedicated to satisfying curiosity through more than 190 worldwide television networks, led by Discovery Channel, TLC, Animal Planet, Science and Investigation Discovery, as well as U.S. joint venture networks OWN: Oprah Winfrey Network and the Hub Network. Across the Nordic region, Discovery owns and operates SBS Discovery Media, a top-three portfolio of television brands that feature leading nonfiction content, as well as locally produced entertainment programs, sports and the best scripted series and movies from major studios. Discovery also is a leading provider of educational products and services to schools, including an award-winning series of K-12 digital textbooks, and a digital leader with a diversified online portfolio, including Discovery Digital Networks. For more information, please visit www.discoverycommunications.com.

About Brian Grazer and Ron Howard

Brian Grazer and Ron Howard founded Imagine Entertainment in 1986 to create independently produced feature films, television programs and other original programming. Since its inception, Imagine Entertainment has been honored with more than 60 prestigious awards including 10 Academy Awards and 36 Emmy(R) awards. Their films have grossed over $13.5 billion. Past productions include the Academy Award Best Picture winner A Beautiful Mind, 8 Mile, Apollo 13, American Gangster, The Da Vinci Code, Liar, Liar, Backdraft, and Parenthood to name a few. Television productions include NBC's Parenthood, NBC's Friday Night Lights, Fox's 24, Fox's and Netflix's Arrested Development, as well as HBO's From the Earth to the Moon, for which Howard and Grazer won the Emmy(R) for Outstanding Mini-Series. Imagine Entertainment's upcoming releases includes The Good Lie, a drama starring Reese Witherspoon based on the true story of the Lost Boys of Sudan; Heart of the Sea, which is directed by Howard; Get On Up, a film about the "Godfather of Soul" James Brown, and Pele, the true life story about the soccer legend. Brian Grazer and Ron Howard began their collaboration in 1985 with the hit comedies Night Shift and Splash, and continue to run Imagine Entertainment as chairmen.