Sec Form 4 Filing - ADVANCE LONG-TERM MANAGEMENT TRUST @ Discovery, Inc. - 2021-06-16

Insider filing report for Changes in Beneficial Ownership
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
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
OMB APPROVAL
OMB Number: 3235-0287
Expires: November 30, 2011
Estimated average burden hours per response... 0.5
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)
110 EDISON PLACE, SUITE 302,, C/O ROBINSON MILLER. LLC
3. Date of Earliest Transaction (MM/DD/YY)
06/16/2021
(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
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
Call option (obligation to sell) $ 31.3036 ( 2 ) ( 3 ) 06/16/2021 E/K( 2 )( 3 ) 416,667 06/16/2021 06/16/2021 Series C Common Stock 416,667 $ 0 ( 2 ) ( 3 ) 3,333,326 I See Footnote ( 1 )
Put option (right to sell) $ 24.183 ( 2 ) ( 3 ) 06/16/2021 J/K( 2 )( 3 ) 416,667 06/16/2021 06/16/2021 Series C Common Stock 416,667 $ 0 ( 2 ) ( 3 ) 3,333,326 I See Footnote ( 1 )
Call option (obligation to sell) $ 31.3036 ( 2 ) ( 3 ) 06/17/2021 E/K( 2 )( 3 ) 416,667 06/17/2021 06/17/2021 Series C Common Stock 416,667 $ 0 ( 2 ) ( 3 ) 2,916,659 I See Footnote ( 1 )
Put option (right to sell) $ 24.183 ( 2 ) ( 3 ) 06/17/2021 J/K( 2 )( 3 ) 416,667 06/17/2021 06/17/2021 Series C Common Stock 416,667 $ 0 ( 2 ) ( 3 ) 2,916,659 I See Footnote ( 1 )
Call option (obligation to sell) $ 31.3036 ( 2 ) ( 3 ) 06/18/2021 E/K( 2 )( 3 ) 416,667 06/18/2021 06/18/2021 Series C Common Stock 416,667 $ 0 ( 2 ) ( 3 ) 2,499,992 I See Footnote ( 1 )
Put option (right to sell) $ 24.183 ( 2 ) ( 3 ) 06/18/2021 J/K( 2 )( 3 ) 416,667 06/18/2021 06/18/2021 Series C Common Stock 416,667 $ 0 ( 2 ) ( 3 ) 2,499,992 I See Footnote ( 1 )
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
ADVANCE LONG-TERM MANAGEMENT TRUST
110 EDISON PLACE, SUITE 302,
C/O ROBINSON MILLER. LLC
NEWARK, NJ07102
X X
NEWHOUSE BROADCASTING CORP
ONE WORLD TRADE CENTER
NEW YORK, NY10007
X
ADVANCE PUBLICATIONS, INC
ONE WORLD TRADE CENTER
NEW YORK, NY10007
X
NEWHOUSE FAMILY HOLDINGS, L.P.
ONE WORLD TRADE CENTER
NEW YORK, NY10007
X
ADVANCE/NEWHOUSE PROGRAMMING PARTNERSHIP
6350 COURT STREET
EAST SYRACUSE, NY13057
X
Signatures
Advance/Newhouse Programming Partnership, By: /s/ Oren Klein, Chief Financial Officer 06/21/2021
Signature of Reporting Person Date
Newhouse Family Holdings, L.P., By: Advance Long Term Management Trust, as General Partner By: /s/ Michael A. Newhouse, Trustee 06/21/2021
Signature of Reporting Person Date
Advance Publications, Inc., By: /s/ Oren Klein, Chief Financial Officer 06/21/2021
Signature of Reporting Person Date
Newhouse Broadcasting Corporation, By: /s/ Oren Klein, Chief Financial Officer 06/21/2021
Signature of Reporting Person Date
Advance Long-Term Management Trust, By: /s/ Michael A. Newhouse, Trustee 06/21/2021
Signature of Reporting Person Date
Explanation of Responses:
( 1 )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.
( 2 )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.
( 3 )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.

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).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.