This was announced in principle last December, and now the details have been worked out: Discovery Holdings and Advance/Newhouse are combining their holdings in Discovery Communications (NSDQ: DISCA), which will in turn in be independently traded. The details are basically the same as what was previously announced. Discovery Holdings will spin off to its shareholders an entity known as Ascent Media Group, into which DHC will merge. Advance/Newhouse will contribute its shares of Discovery and Animal Planet in exchange for preferred stock, which, when converted to common shares, will represent one third of the new company. Discovery Communications will be helmed by CEO David Zaslav and chaired by former CEO John Hendricks. The companies expect the transaction to close in Q3. Release.

• Discovery Holding And Advance/Newhouse Combine Stakes, Form New Holding Company