Edgar Filing: Discovery Holding CO

Ownership Submission

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 OF SECURITIES

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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3235-0287

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

MALONE JOHN C

2. Issuer Name and Ticker or Trading Symbol
Discovery Holding CO [DISC]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	__X__ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
CEO, Chairman of the Board

(Last)

(First)

(Middle)

12300 LIBERTY BLVD.

3. Date of Earliest Transaction (Month/Day/Year)
05/16/2007

(Street)

ENGLEWOOD, CO 80112

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ 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 (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A Common Stock	05/16/2007		S		300	D	$ 22.63	1,533,312 ⁽¹⁾ ⁽²⁾ ⁽³⁾	D
Series A Common Stock	05/16/2007		S		600	D	$ 22.64	1,532,712	D
Series A Common Stock	05/16/2007		S		1,400	D	$ 22.65	1,531,312	D
Series A Common Stock	05/16/2007		S		5,000	D	$ 22.66	1,526,312	D
Series A Common Stock	05/16/2007		S		3,000	D	$ 22.67	1,523,312	D
Series A Common Stock	05/16/2007		S		2,697	D	$ 22.68	1,520,615	D
Series A Common Stock	05/16/2007		S		803	D	$ 22.69	1,519,812	D
Series A Common Stock	05/16/2007		S		3,900	D	$ 22.7	1,515,912	D
Series A Common Stock	05/16/2007		S		2,257	D	$ 22.71	1,513,655	D
Series A Common Stock	05/16/2007		S		3,517	D	$ 22.72	1,510,138	D
Series A Common Stock	05/16/2007		S		185,422	D	$ 22.73	1,324,716	D
Series A Common Stock	05/16/2007		S		11,056	D	$ 22.74	1,313,660	D
Series A Common Stock	05/16/2007		S		2,006	D	$ 22.75	1,311,654	D
Series A Common Stock	05/16/2007		S		5,200	D	$ 22.76	1,306,454	D
Series A Common Stock	05/16/2007		S		2,258	D	$ 22.77	1,304,196	D
Series A Common Stock	05/16/2007		S		1,100	D	$ 22.78	1,303,096	D
Series A Common Stock	05/16/2007		S		1,584	D	$ 22.79	1,301,512	D
Series A Common Stock	05/16/2007		S		3,700	D	$ 22.8	1,297,812	D
Series A Common Stock	05/16/2007		S		2,500	D	$ 22.81	1,295,312	D
Series A Common Stock	05/16/2007		S		1,200	D	$ 22.82	1,294,112	D
Series A Common Stock	05/16/2007		S		300	D	$ 22.83	1,293,812	D
Series A Common Stock	05/16/2007		S		200	D	$ 22.85	1,293,612	D
Series A Common Stock								1,636,399 ⁽¹⁾ ⁽²⁾ ⁽³⁾	I	By Trust
Series A Common Stock								375,103 ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁴⁾	I	By Spouse
Series A Common Stock								330 ⁽⁵⁾	I	By Trust
Series A Common Stock								85,251 ⁽⁶⁾	I	By 401(k) Savings Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	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 control number.		SEC 1474 (9-02)

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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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
(Month/Day/Year)

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MALONE JOHN C 12300 LIBERTY BLVD. ENGLEWOOD, CO 80112	X	X	CEO, Chairman of the Board

Signatures

/s/ Charles Y. Tanabe, Attorney-in-fact		05/16/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	On September 30, 2005, a charitable remainder trust (the "Trust") of which the Reporting Person is the sole trustee and, with his spouse, retains a unitrust interest in the Trust, distributed 76,071 shares of the Issuer's Series A Common Stock and 7,933 shares of the Issuer's Series B Common Stock to the Reporting Person and 84,508 shares of the Issuer's Series A Common Stock to the Reporting Person's spouse.
(2)	On December 29, 2005, the Trust distributed 79,305 shares of the Issuer's Series A common stock to each of the Reporting Person and his spouse.
(3)	On March 30, 2007, the Trust distributed 24,403 shares of the Issuer's Series A common stock to the Reporting Person and 60,786 shares of the Issuer's Series A Common Stock to the Reporting Person's spouse.
(4)	The Reporting Person disclaims beneficial ownership of these shares which are owned by his spouse.
(5)	The Reporting Person is the sole trustee of and, with his spouse, retains a unitrust interest in the trust.
(6)	The number of shares represents equivalent shares based on the fair market value of the shares of the Issuer's Series A Common Stock held by the unitized stock fund under the LMC 401(k) Savings Plan based on a report from the Plan Administrator dated April 30, 2007. The Reporting Person has an interest in the unitized fund, which holds shares of the Issuer's Series A Common Stock and short-term investments.
Remarks: The trading symbols for the Issuer's Series A and Series B Common Stock are, respectively, DISCA and DISCB.

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