Discovery Communications LLC Exchange Offers of Notes

Davis Polk advised the joint-lead dealer managers and the co-dealer managers in connection with the Rule 144A/Regulation S exchange offers by Discovery Communications, LLC of its 4.000% senior notes due 2055 for the outstanding 5.000% Senior Notes due 2037, 6.350% Senior Notes due 2040, 5.200% Senior Notes due 2047, 4.950% Senior Notes due 2042 and 4.875% Senior Notes due 2043.

Based in Silver Spring, Maryland, Discovery is a global media company that provides content across multiple distribution platforms, including linear platforms such as pay-television, free-to-air, broadcast television and authenticated GO and various digital distribution platforms around the world. Discovery distributes customized content in the United States and over 220 other countries and territories in nearly 50 languages.

The Davis Polk capital markets team included partner Derek Dostal and associates Jae Maeng, Devon D. Willitts and Wendy Li. The tax team included partner Po Sit and associate Shay Moyal. Partner Frank J. Azzopardi and associate Yana Kipnis provided intellectual property and technology transaction advice. Members of the Davis Polk team are based in the New York.