The 61-year-old company founder sold 144,179 shares of Discovery common stock on Oct. 31 for prices ranging from $85.75 a share to $88.92 a share, according to a filing late Monday with the Securities & Exchange Commission.
Hendricks had accumulated the options several years ago as part of his long-term compensation program. He benefited from the company's soaring value, although the timing of the stock sale was part of a predetermined schedule.
Discovery stock has increased 60% during the last year; it closed Monday at $87.07 a share.
Hendricks created the Discovery Channel nearly 30 years ago to be the first U.S. cable network designed to provide high-quality documentary programming that explored the world. Discovery Communications is one of television's top brands, boasting such channels as Discovery,
Last week, the Silver Springs, Md., company reported a 24% jump in third-quarter net income. For the period that ended Sept. 30, the company earned $255 million, or 71 cents a share, up from $205 million, or 55 cents, a year earlier.
Discovery generated $1.38 billion in revenue for the quarter -- just missing Wall Street's expectations.
The stock sale did not fully deplete Hendricks' holdings in the company. The founder still has more than 1 million shares of Discovery stock, the filing said.
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