Discovery Communications to Go Public

ENGLEWOOD/NEW YORK, December 13:
Discovery Communications’ shareholders, Discovery Holding Company and
Advance/Newhouse Programming Partnership, are set to combine their stakes in
the company and take it public, it was announced today.

DHC owns about 67 percent of Discovery,
with the remaining held by Advance/Newhouse. This ownership structure followed
the deal earlier this year that saw Cox Communications relinquish 25 percent of
Discovery in exchange for the Travel Channel and $1.3 billion in cash.

With the deal announced today, DHC and
Advance/Newhouse will combine their stakes in a new publicly held company.
Separately, DHC will also spin-off to its shareholders the Ascent Media Group.

"The agreement between DHC and
Advance/Newhouse signals an exciting new chapter in the Discovery story,” commented
David Zaslav, the president and CEO of Discovery Communications. “As a fully
public company, Discovery will be in a stronger position to grow organically
and through acquisition. The new structure will enhance our ability to produce
and distribute the high-quality programming that has been our hallmark since
the company was founded two decades ago.”

Robert Bennett, the president of DHC,
noted: "Our goal in creating Discovery Holding Company was to highlight
Discovery Communications as the world's leading provider of non-fiction
programming and to create a vehicle through which the company could continue to
expand and grow. This transaction further perfects the structure and sets the
stage for continued expansion of the Discovery brand and its wonderful products
and services both domestically and across the globe. Discovery has a rich history and, we believe, a bright and
exciting future."

John Malone, DHC’s chairman and CEO,
added: "Discovery Communications is one of the most valuable and well
positioned media companies in the world. Today's transaction will unlock the
full potential and value of Discovery, and provide a broader range of options
to pursue their aggressive growth strategy in the future.”

John Hendricks, the founder and
chairman of Discovery Communications, stated: "In looking back at my
two-decade plus partnership with Bob Miron and John Malone in building
Discovery to its global leadership position in non-fiction entertainment, I
cannot think of a more opportune time for the pending transaction announced
today to occur. Over the last year we have witnessed the extraordinary
leadership of David Zaslav in focusing our entire worldwide company on growth
and efficiency. I believe that the company is now ideally poised to take
advantage of the opportunities that may emerge from the new Discovery corporate
structure announced today and I look forward to continuing to work alongside my
great longtime partners as Discovery begins this next exciting chapter of our
advancement in the global marketplace."

Discovery Communications does not
anticipate any changes in its management. The transaction is expected to be
tax-free to Advance/Newhouse and to shareholders of DHC, a will be completed in
the second quarter of 2008.

—By Mansha Daswani