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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(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)
Chairman of the Board, CEO
(Last)
(First)
(Middle)
12300 LIBERTY BLVD.		 3. Date of Earliest Transaction (Month/Day/Year)
04/01/2008
(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)
Code V Amount (A) or (D) Price
Series A Common Stock 04/01/2008   M   13,333 A $ 14.67 1,694,511 (1) (2) D  
Series A Common Stock 04/01/2008   F(3)   8,988 D $ 21.76 1,685,523 D  
Series A Common Stock 04/01/2008   F(4)   1,006,028 D $ 21.76 679,495 D  
Series A Common Stock 04/01/2008   F(4)   87,739 D $ 21.76 591,756 D  
Series A Common Stock               480,889 (2) (5) I By Spouse
Series A Common Stock               1,217,920 (2) I By Trust
Series A Common Stock               330 (6) I By Trust
Series B Common Stock 04/01/2008   M   1,148,540 A $ 19.06 11,666,040 D  
Series B Common Stock 04/01/2008   M   120,000 A $ 15.91 11,786,040 D  
Series B Common Stock               340,943 (5) I By Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 14.67 04/01/2008   M     13,333   (7) 06/14/2008 Series A Common Stock 20,000 $ 0 6,667 D  
Stock Option (Right to Buy) $ 19.06 04/01/2008   M     1,148,540   (8) 02/28/2011 Series B Common Stock 1,148,540 $ 0 0 D  
Stock Option (Right to Buy) $ 15.91 04/01/2008   M     120,000   (7) 06/14/2008 Series B Common Stock 180,000 $ 0 60,000 D  

Reporting Owners

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

Signatures

 /s/ John C. Malone   04/03/2008
**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) Includes 74,873 shares of the Issuer's Series A common stock previously owned indirectly through the LMC 401(k) plan, which shares were distributed to the Reporting Person on May 23, 2007.
(2) Since December 28, 2007, a chartiable 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 72,693 shares of the Issuer's Series A common stock to the Reporting Person and 105,786 shares of Series A common stock to the Reporting Persons' spouse.
(3) The number of shares of Series A common stock disposed of in the transaction were delivered by the Reporting Person to the Issuer in satisfaction of the aggregate exercise price payable to the Issuer in connection with the Reporting Person's exercise of an option to acquire shares of the Issuer's Series A common stock.
(4) The number of shares of Series A common stock disposed of in the transaction were delivered by the Reporting Person to the Issuer in satisfaction of the aggregate exercise price payable to the Issuer in connection with the Reporting Person's exercise of an option to acquire shares of the Issuer's Series B common stock.
(5) The Reporting Person disclaims beneficial ownership of these shares owned by his spouse.
(6) The Reporting Person is the sole trustee of and, with his spouse, retains a unitrust interest in the trust.
(7) The stock option was issued pursuant to the Issuer's transitional stock adjustment plan in connection with the spin off of the Issuer from Liberty Media Corporation in July 2005. The option vested as to 33-1/3% of the total number of shares on each June 14, beginning June 14, 2006.
(8) The stock option was issued pursuant to the Issuer's transitional stock adjustment plan in connection with the spin off of the Issuer from Liberty Media Corporation in July 2005. When issued, the option was vested as to 82.5% of the total number of shares subject to the option, 17.5% of the shares subject to the option vested on February 28, 2006.
 
Remarks:
The trading symbols for the Issuer's Series A and Series B Common Stock are, respectively, DISCA and DiSCB.

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