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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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, CEO (Last) (First) (Middle) 12300 LIBERTY BLVD. 3. Date of Earliest Transaction (Month/Day/Year) 06/14/2008 (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 06/14/2008   M   6,667 A $ 14.67 598,423 D   Series A Common Stock 06/14/2008   F(1)   3,861 D $ 25.33 594,562 D   Series A Common Stock 06/14/2008   F(2)   37,686 D $ 25.33 556,876 D   Series A Common Stock               480,889 (3) I By Spouse Series A Common Stock               1,217,920 I By Trust (4) Series A Common Stock               330 I By Trust (5) Series B Common Stock 06/14/2008   M   60,000 A $ 15.91 11,846,040 D   Series B Common Stock               340,943 (3) 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

06/14/2008

M

6,667

(6)

(7)

Series A Common Stock

6,667

$ 0

0

D

Stock Option (Right to Buy)

$ 15.91

06/14/2008

M

60,000

(6)

(7)

Series B Common Stock

60,000

$ 0

0

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, CEO

Signatures

/s/ Craig Troyer, Attorney-in-fact		06/17/2008
**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)	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.
(2)	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.
(3)	The Reporting Person disclaims beneficial ownership of these shares owned by his spouse.
(4)	The Reporting Person is the sole trustee of and, with his spouse, retains a unitrust interest in the trust.
(5)	The Reporting Person is the sole trustee of and, with his spouse, retains a unitrust interest in the trust.
(6)	The stock option vested as to all shares at 12:01 a.m. on June 14, 2008.
(7)	The stock option expired as to all shares at 5:00 p.m. on June 14, 2008.
Remarks: The trading symbols for the Issuer's Series A and Series B Common Stock are, respectively, DISCA and DISCB.

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