FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * LIBERTY MEDIA CORP /DE/   2. Issuer Name and Ticker or Trading Symbol Discovery Holding CO [DISC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 12300 LIBERTY BLVD. 3. Date of Earliest Transaction (Month/Day/Year) 07/20/2005 (Street) ENGLEWOOD, CO 80112 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Series A Common Stoc 07/20/2005   J(1)   168,093,288 (1) A (1) 168,093,388 D   Series B Common Stock 07/20/2005   J(1)   12,106,092 (1) A (1) 12,106,092 D   Series A Common Stock 07/21/2005   J(2)   168,093,388 (2) D (2) 0 D   Series B Common Stock 07/21/2005   J(2)   12,106,092 (2) D (2) 0 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LIBERTY MEDIA CORP /DE/ 12300 LIBERTY BLVD. ENGLEWOOD, CO 80112		X

Signatures

By: /s/ Charles Y. Tanabe		07/21/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	After 5:00 p.m., New York City time, on July 20, 2005, the Reporting Person caused its subsidiaries to contribute to the Issuer all of the outstanding shares of common stock of Ascent Media Holdings, Inc., LMC Discovery, Inc. and Liberty Animal, Inc. in exchange for 268,093,288 shares of Series A Common Stock and 12,106,092 shares of Series B Common Stock of the Issuer.
(2)	Prior to 9:30 a.m., New York City time, on July 21, 2005, the Reporting Person distributed pro rata to its stockholders 100% of the outstanding capital stock of the Issuer, as a dividend without consideration. The distribution by the Reporting Person of the Issuer's shares was made pursuant to Rule 16a-9 promulgated under the Securities Exchange Act of 1934.
Remarks: The trading symbols for the Issuer's Series A and Series B Common Stock are, respectively, DISCA and DISCB.

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