Discovery Communications is buying nearly $500 million worth of Discovery preferred stock from Advance/Newhouse Programming Partnership.
Despite the sale, Advance/Newhouse will remain Discovery's largest shareholder with a stake of about 31%.
Discovery said the purchase is not part of the $1 billion stock repurchase program.
"Our investment in Discovery remains one of the finest moments in the history of our company and we expect it will only become more successful as Discovery continues to grow and flourish," said Donald Newhouse, president of Advance Publications, in a statement. "We have no plan to further reduce our ownership. Our goal is to take a small percentage of our investment in Discovery and diversify into new acquisitions and investments that will hopefully turn out to be as meaningful."