DIY to rebrand as a joint venture of Discovery and Magnolia in 2020

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DISCOVERY, CHIP AND JOANNA GAINES ANNOUNCE MULTI-PLATFORM MEDIA JOINT VENTURE

— Linear Network and TVE App Expected Summer 2020 –

— Allison Page will be President of the Joint Venture —

New York – Discovery, Inc. and Magnolia, the home and lifestyle brand led by Chip and Joanna Gaines, today announced their agreement to launch a media joint venture. The multiplatform media company, to be named soon, will comprise a linear television network and TV Everywhere app to be unveiled in Summer 2020. The venture has plans for a subscription streaming service to debut at a later date. All services will be inspired by Magnolia and driven by the Gaines' creative vision.

Chip and Joanna Gaines will serve as Chief Creative Officers and current HGTV President Allison Page will serve as President of the new joint venture.

"Chip and Joanna Gaines have become trusted, household names since the debut of Fixer Upper and through this joint venture, Discovery is proud to extend our relationship with them," said David Zaslav, CEO, Discovery. "They've got authenticity and relatability, that special something that is so difficult in our business to find. People love them, their taste, their businesses – they've built an ecosystem that aligns perfectly with our vision at Discovery for fueling people's passions."

"Our intention with this network is to create and curate content that inspires, encourages, and helps to build bridges across our communities. We want honest, authentic programming that brings families together," said Chip and Joanna Gaines in a joint statement. "We believe David Zaslav and the team at Discovery are the perfect partners for this ambitious joint venture, and we know Allison Page is the right person to lead this charge. We're ready to get started and are expectant for all that's ahead."

The venture will extend the Gaines' beloved brand across all devices and platforms to provide a unique, inspiring and family-friendly content experience. Primary elements of the multiplatform joint venture include:

A Compelling Linear TV Brand

In Summer 2020, the company's DIY Network, currently in more than 52 million U.S. homes, will be renamed for the venture. The channel will feature long-form programming.

New programming concepts currently in development will center around topics including community, home, garden, food, wellness, entrepreneurialism and design. The network also will be home to the complete library of Fixer Upper, which premiered on HGTV in 2013 and was one of the highest-rated series on the network during its four-year run.

TV Everywhere GO App

Extending the experience will be the joint venture's TVE product in the U.S., which represents the latest GO service launched by Discovery since rolling out its suite of TV Everywhere authenticated apps in 2016. The product is slated to debut in Summer 2020.

"View and Do" OTT Product

A new OTT product will feature live and VOD content including new short-form and long-form content—inspired by Magnolia and curated by the Gaineses—expected to launch following the rebrand of the linear and TVE services.

About President Allison Page

In her new capacity, Page will be responsible for operations for the venture, managing teams based in Waco, Texas and Knoxville, Tennessee. Page will report to Zaslav in her new role and she will continue in her current capacity as president of HGTV until a replacement is named shortly.

Zaslav added: "Allison is a singular talent, a fantastic leader with an eye for developing hosts, formats and creative teams. She has been responsible for so much of the success across HGTV and Food Network in recent years and is the perfect choice to lead this important new venture."

As president of HGTV, Page has led the network to continued popularity as a top-five cable network for women and the #1 network for upscale women for the 12th consecutive year. She previously had general management and programming oversight for HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel, and Great American Country.

Page joined Food Network in 2001 and spent many years developing primetime series for Rachael Ray, Giada De Laurentiis, Bobby Flay and Guy Fieri. Known as a key strategist and dynamic leader, she developed hit shows as well as successful sales and digital partnerships. Her efforts were key to Food Network's record-breaking, double-digit, ratings growth and instrumental in the successful launch of Cooking Channel in 2010. Page started her career at CBS News.

"When you combine the power and reach of Discovery with Chip and Joanna's creative vision, the possibilities are endless," said Page. "I'm thrilled to have the opportunity to work in this role to help create unique, inspiring and family-friendly content, and I can't wait to see where this new platform takes us as we super-serve and inspire fans all over the world."

Financial terms were not disclosed.

About Discovery
Discovery, Inc. (Nasdaq: DISCA, DISCB, DISCK) is a global leader in real life entertainment, serving a passionate audience of superfans around the world with content that inspires, informs and entertains. Discovery delivers over 8,000 hours of original programming each year and has category leadership across deeply loved content genres around the world. Available in 220 countries and territories and nearly 50 languages, Discovery is a platform innovator, reaching viewers on all screens, including TV Everywhere products such as the GO portfolio of apps; direct-to-consumer streaming services such as Eurosport Player and MotorTrend OnDemand; digital-first and social content from Group Nine Media; a landmark natural history and factual content partnership with the BBC; and a strategic alliance with PGA TOUR to create the international home of golf. Discovery's portfolio of premium brands includes Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, MotorTrend, Animal Planet, and Science Channel, as well as OWN: Oprah Winfrey Network in the U.S., Discovery Kids in Latin America, and Eurosport, the leading provider of locally relevant, premium sports and Home of the Olympic Games across Europe. For more information, please visit corporate.discovery.com and follow @DiscoveryIncTV across social platforms.

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The rebrand has been delayed due to production shutdowns on their original programming, but there will be a preview of some of their shows on 4/26