Silver Spring, Md. - In major step to becoming a public company, Discovery Holding Company (DHC) and Advance/Newhouse Programming Partnership said that they have agreed to combine their stakes in Silver Spring-based Discovery Communications, a move that leads the way for the company to become publicly listed.

Upon completion of the deal, a new company known as Discovery Communications Inc. will own 100% of Discovery and Animal Planet.

Discovery's current management team will remain in place.

Former CEO and current board member John Hendricks will be appointed chairman of the new company, with David Zaslav holding the role of CEO.

The deal is expected to close after mid-year.

Colorado-based DHC currently owns a two-thirds stake in Discovery, with Syracuse-based Advance/Newhouse owning the other third.

In December, Discovery said that the deal would provide it with greater freedom to pursue growth.

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