1320482--3/23/2006--Discovery_Holding_CO

related topics

{capital, credit, financial}

{financial, litigation, operation}

{stock, price, operating}

{competitive, industry, competition}

{cost, operation, labor}

{gas, price, oil}

We do not have the right to manage Discovery, which means we cannot cause Discovery to operate in a manner that is favorable to us. Because we do not control the business management practices of Discovery, we rely on Discovery for the financial information that we use in accounting for our ownership interest in Discovery. A labor dispute in our client industries may disrupt our business. Discovery s revenue is dependent upon the maintenance of affiliation agreements with cable and satellite distributors on acceptable terms. We have overlapping directors and management with Liberty and Liberty Global, Inc., which may lead to conflicting interests. We and Liberty or LGI may compete for business opportunities.

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