DISCOVERY COMMUNICATIONS REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS

Silver Spring, Maryland – February 11, 2011: Discovery Communications, Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the full year and fourth quarter ended December 31, 2010.

David Zaslav, Discovery’s President and Chief Executive Officer said, “Discovery delivered another year of strong and consistent growth in 2010 as we leveraged our diverse slate of quality content across our worldwide distribution platform in an improving global economic environment. We generated significant advertising and distribution revenue growth while thoughtfully managing our cost base. As a result, we were able to increase our margins and free cash flow growth while continuing to invest in content across our existing portfolio of assets and joint ventures. Our strong performance and financial position enabled us to begin returning capital to shareholders with the repurchase of over $600 million in stock this past year. As we move forward in 2011, we will continue to focus on creating high quality programming and expanding our market share globally as we deliver strong operating performance and enhance shareholder value.”

Fourth quarter revenues of $1,015 million increased $65 million, or 7%, over the fourth quarter a year ago, led by 9% growth at U.S. Networks and 4% growth at International Networks. Adjusted Operating Income Before Depreciation and Amortization ⁽¹⁾ (“OIBDA”) grew 16% to $461 million, driven by a 16% increase at U.S. Networks and a 7% increase at International Networks. Adjusted OIBDA margin for the fourth quarter increased to 45% from 42% in the fourth quarter of 2009.

Fourth quarter net income from continuing operations available to Discovery Communications, Inc. stockholders of $205 million ($0.48 per diluted share) increased $50 million compared to $155 million ($0.36 per diluted share) for the fourth quarter a year ago. The current quarter results primarily reflect the strong operating performance partially offset by higher other expense of $32 million, mainly from losses related to our joint venture investments, and increased provision for income taxes.

Free cash flow was $203 million for the fourth quarter, a decrease of $41 million from the fourth quarter of 2009, as the increased operating performance was more than offset by higher taxes and the timing of working capital. Free cash flow is defined as cash provided by operating activities less acquisitions of property and equipment.

(1) See the definition of Adjusted Operating Income Before Depreciation and Amortization on page 6.

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Full year 2010 revenues of $3,773 million increased $315 million, or 9%, over 2009 revenues, primarily driven by 9% growth at U.S. Networks and 11% growth at International Networks. Adjusted OIBDA increased 14% to $1,699 million led by 11% growth at U.S. Networks and 22% growth at International Networks. Adjusted OIBDA margin for the full year increased to 45% from 43% in 2009.

Full year net income from continuing operations available to Discovery Communications, Inc. stockholders of $641 million ($1.49 per diluted share) increased $94 million compared to $547 million ($1.29 per diluted share) a year ago, which included a $252 million pre-tax gain on the sale of Discovery Kids channel. The current year results primarily reflect the strong operating performance, $63 million of lower expense from the unrealized change in the fair value of mark-to-market share-based compensation and $192 million in lower provision for income taxes, partially offset by a $136 million loss on the early extinguishment of debt and termination of interest rate swaps.

Free cash flow was $619 million for the full year, an increase of $32 million from full year 2009. Current year results primarily reflect the increased operating performance partially offset by payments of $138 million for the early extinguishment of debt and termination of interest rate swaps and $77 million increased spending for stock-based compensation. 2009 results included cash tax payments of $108 million related to the sale of Discovery Kids, as well as $64 million of tax payments related to prior periods.

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U.S. Networks’ revenues in the fourth quarter of 2010 increased 9% to $612 million primarily driven by advertising and distribution revenue growth. Advertising revenue increased 13% due to higher sellouts and increased pricing. Distribution revenue grew 7% largely from higher rates, subscriber growth primarily from networks carried on the digital tier and lower launch-support amortization.

Adjusted OIBDA increased 16% to $347 million primarily reflecting the 9% revenue growth. Operating expenses for the quarter were flat as higher programming expense and sales commissions were offset by lower selling, general and administrative expense due to a decrease in personnel costs.

U.S. Networks’ revenues in the full year 2010 increased 9% to $2,363 million as advertising and distribution growth more than offset lower representation revenue. Advertising revenue increased 13% driven by increased pricing, as well as higher viewership and sellouts. Distribution revenue grew 7% largely from higher rates, subscriber growth primarily from networks carried on the digital tier and lower launch-support amortization, partially offset by the absence of $18 million due to the removal of Discovery Kids from the consolidated results.

Adjusted OIBDA increased $136 million to $1,365 million reflecting the 9% revenue growth, partially offset by 4% higher operating expenses primarily due to higher programming and marketing expense, as well as increased sales commissions, partially offset by lower personnel costs.

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International Networks’ revenues for the fourth quarter increased 4% to $358 million primarily led by distribution revenue growth of 7% and advertising revenue growth of 5%. Excluding the impact of foreign currency fluctuations, revenues increased 6% led by 9% affiliate revenue growth, mainly from increased subscribers in Latin America and EMEA. Advertising revenue in local currency terms was up 7% during the fourth quarter primarily led by Asia and Latin America from higher pricing and sellouts, as well as increased viewership. Excluding a $6 million benefit from a contract settlement in the U.K. during the fourth quarter of 2009, advertising revenue growth was up 12% for the fourth quarter of 2010.

Adjusted OIBDA increased 7% to $161 million reflecting the 4% revenue growth partially offset by a 1% increase in operating expenses. Excluding the impact of foreign currency, Adjusted OIBDA increased 5% as the 6% revenue growth was partially offset by an 8% increase in operating expenses primarily due to higher programming and marketing costs as well as sales commissions.

International Networks’ revenue for the full year 2010 increased 11% to $1,251 million, due to advertising revenue growth of 23% mainly from higher pricing in the U.K. and higher sellouts and audience delivery in Latin America, EMEA and Asia-Pacific. Excluding the $6 million benefit in the U.K. from the settlement of a contract provision in the fourth quarter of 2009, advertising revenue increased 25%. Affiliate revenue grew 6% for the full year 2010 primarily from increased subscriber growth in Latin America. Foreign currency fluctuations had an immaterial impact for full year 2010.

Adjusted OIBDA increased 22% to $545 million reflecting the 11% revenue growth partially offset by a 3% increase in operating expenses, primarily from sales commissions, as well as increased personnel and marketing costs.

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Education and Other fourth quarter revenues increased 7% to $45 million, primarily reflecting increased education revenue from higher streaming volumes. Adjusted OIBDA increased $1 million compared to the fourth quarter of 2009 as the Education revenue and Adjusted OIBDA growth was partially offset by lower results from the Creative Sound Service business.

Education and Other full year 2010 revenue increased 3% to $153 million primarily from an increase in streaming volumes, partially offset by lower results from the Creative Sound Service business. Adjusted OIBDA decreased $1 million to $15 million, as the Education Adjusted OIBDA growth was more than offset by lower results from the Creative Sound Service business.

For the fourth quarter Adjusted OIBDA improved by $5 million due to higher results at a joint venture and for the full year 2010 Adjusted OIBDA decreased $22 million, primarily due to $17 million of increased stock-based compensation expense.

During the quarter ended December 31, 2010, the Company repurchased and retired approximately 13.73 million shares of Series C convertible preferred stock for $500 million, or $36.41 per share, from Advance/Newhouse Programming Partnership.

Also during the quarter, the Company, pursuant to its existing stock repurchase program repurchased 1.87 million shares of its Series C common stock at an average price of $36.28 per share for a total purchase price of approximately $67 million. For the full year 2010, the Company repurchased a total of 2.99 million shares of its Series C common stock at an average price of $35.28 per share totaling approximately $105 million.

From January 1, 2011 through February 8, 2011 the Company repurchased 2.58 million shares of its Series C common stock for approximately $89 million.

Under the stock repurchase program, management is authorized to purchase shares from time to time through open market purchases at prevailing prices or privately negotiated transactions, subject to market conditions and other factors.

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In November 2010, the Company purchased BBC Worldwide’s 50% interest in substantially all of the global TV channels joint ventures of Animal Planet and Liv for $152 million.

The 2009 financial information has been recast so that the basis of presentation is consistent with that of the 2010 financial information. This recast reflects the adoption of Financial Accounting Standards Board Accounting Standards Codification Topic 810, Consolidation (ASC 810), which amends the existing standards for variable interest entities, the classification of results of operations of our Antenna Audio business as discontinued operations, as well as the realignment of the Commerce business into the U.S. Networks segment.

For the full year ending December 31, 2011, Discovery Communications, Inc. expects total revenue between $4,000 million and $4,100 million, Adjusted OIBDA between $1,825 million and $1,900 million, and net income available to Discovery Communications, Inc. stockholders of $925 million to $1,000 million. Our outlook incorporates current foreign exchange rates for revenues and expenses and the current share price for mark-to-market stock-based compensation calculations.

In addition to the results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) provided in this release, the Company has presented Adjusted OIBDA and free cash flow. The Company evaluates the operating performance of its segments based on financial measures such as revenues and adjusted operating income before depreciation and amortization (“Adjusted OIBDA”). Adjusted OIBDA is defined as revenues less costs of revenues and selling, general and administrative expenses excluding: (i) mark-to-market stock-based compensation, (ii) depreciation and amortization, (iii) amortization of deferred launch incentives, (iv) exit and restructuring charges, (v) certain impairment charges, and (vi) gains (losses) on business and asset dispositions. The Company uses this measure to assess operating results and performance of its segments, perform analytical comparisons, identify strategies to improve performance and allocate resources to each segment. The Company believes Adjusted OIBDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses and also provides investors a measure to analyze the operating performance of each segment against historical data. The Company excludes mark-to-market stock-based compensation, exit and restructuring charges, certain impairment charges, and gains (losses) on business and asset dispositions from the calculation of Adjusted OIBDA due to their volatility or non-recurring nature. The Company also excludes depreciation of fixed assets and amortization of intangible assets and deferred launch incentive as these amounts do not represent cash payments in the current reporting period.

The Company defines free cash flow as cash provided by operating activities less acquisitions of property and equipment. The Company uses free cash flow as it believes it is an important indicator for management and investors of the Company’s liquidity, including its ability to reduce debt, make strategic investments and return capital to stockholders.

Adjusted OIBDA and free cash flow are non-GAAP measures, and should be considered in addition to, but not as a substitute for, operating income, net income, cash flows provided by operating activities and other measures of financial performance reported in accordance with GAAP. Please review the supplemental financial schedules beginning on page 11 for reconciliations to GAAP measures.

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Discovery Communications, Inc. will host a conference call today at 8:30 a.m. EST to discuss its fourth quarter and full year 2010 results. To listen to the call, visit http://www.discoverycommunications.com or dial 1-866-356-4281 inside the U.S. and 1-617-597-5395 outside of the U.S., using the following passcode: 22479756.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to the Company as of the date hereof, and the Company’s actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its Annual Report on Form 10-K filed with the SEC on February 22, 2010. Forward-looking statements include statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. Forward-looking statements in this release include, without limitation, the full year 2011 outlook and plans for stock repurchases. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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