Sec Form 4 Filing - ADVANCE LONG-TERM MANAGEMENT TRUST @ Discovery, Inc. - 2019-11-11

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 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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1. Name and Address of Reporting Person ADVANCE LONG-TERM MANAGEMENT TRUST 2. Issuer Name and Ticker or Trading Symbol Discovery, Inc. [ DISCK] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O ROBINSON MILLER LLC, ONE NEWARK CENTER, 19TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 11/11/2019 (Street) NEWARK, NJ07102 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Series C Common Stock 11/11/2019 C 9,500,002 A 9,500,002 I See Footnote ( 2 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Series C-1 Convertible Participating Preferred Stock ( 3 ) 11/11/2019 C 490,581 ( 3 ) ( 3 ) Series C Common Stock 9,500,002 ( 1 ) ( 3 ) 782,094 I See Footnote ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ADVANCE LONG-TERM MANAGEMENT TRUST C/O ROBINSON MILLER LLC ONE NEWARK CENTER, 19TH FLOOR NEWARK, NJ07102 X X NEWHOUSE BROADCASTING CORP 6350 COURT STREET EAST SYRACUSE, NY13057-1211 X ADVANCE PUBLICATIONS, INC 950 FINGERBOARD ROAD STATEN ISLAND, NY10305 X NEWHOUSE FAMILY HOLDINGS, L.P. ONE WORLD TRADE CENTER NEW YORK, NY10007 X ADVANCE/NEWHOUSE PROGRAMMING PARTNERSHIP 6350 COURT STREET E. SYRACUSE, NY13057-1211 X Signatures Advance/Newhouse Programming Partnership By: /s/ Oren Klein, CFO 11/11/2019 Signature of Reporting Person Date Newhouse Family Holdings, LP By: Advance Long Term Management Trust, as General Partner By: /s/ Michael A. Newhouse, Trustee 11/11/2019 Signature of Reporting Person Date Advance Publications, Inc., By: /s/ Oren Klein, CFO 11/11/2019 Signature of Reporting Person Date Newhouse Broadcasting Corporation, By: /s/ Oren Klein, CFO 11/11/2019 Signature of Reporting Person Date Advanced Long-Term Management Trust, By: /s/ Michael A. Newhouse, Trustee 11/11/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On November 11, 2019, Advance/Newhouse Partnership ("A/NP") converted 490,581 shares of Discovery, Inc.'s Series C-1 Convertible Participating Preferred Stock ("Preferred Shares") into 9,500,002 shares of Discovery, Inc.'s Series C Common Stock ("Common Shares"). ( 2 )A/NP is the record holder of the Preferred Shares and the Common Shares described above. The other reporting persons may be deemed to beneficially own the Preferred Shares and the Common Shares due to their control of A/NP. Each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest. ( 3 )Each Preferred Share is convertible pursuant to its terms into 19.3648 Common Shares at any time.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).

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