Discovery Communications founder and chairman John Hendricks bought 1 million shares of company stock in three separate transactions earlier this week, according to a Securities and Exchange Commission filing Wednesday.
Hendricks, who founded Discovery in 1982, purchased the shares on Nov. 10 and Nov. 11, at prices ranging from $13.21 per share to $14.16 per share. According to the SEC filing, Hendricks paid a total of $13.8 million for the stock. According to the filing, Hendricks beneficially owns 1 million Discovery shares.
The news comes just days after Discovery reported strong third quarter results, with advertising revenue up 5% despite the economic downturn.
Discovery shares were down $1.59 each (11.7%) on Wednesday to $12.02 per share, as practically every market segment was battered by a 411-point drop in the Dow Jones Industrial Average.