-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IIYQCStE4J7uoZADsRyfbIjuZT4NTV7k7SJZ4KC9boM6Urlo6APOLjEOaWNs0QNe
 U/Eg5wK2pYXASFkommXpGg==

<SEC-DOCUMENT>0001179110-05-014953.txt : 20050728
<SEC-HEADER>0001179110-05-014953.hdr.sgml : 20050728
<ACCEPTANCE-DATETIME>20050728115523
ACCESSION NUMBER:		0001179110-05-014953
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050726
FILED AS OF DATE:		20050728
DATE AS OF CHANGE:		20050728

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Discovery Holding CO
		CENTRAL INDEX KEY:			0001320482
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		12300 LIBERTY BOULEVARD
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		720-875-5400

	MAIL ADDRESS:	
		STREET 1:		12300 LIBERTY BOULEVARD
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GOULD PAUL A
		CENTRAL INDEX KEY:			0001018211

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51205
		FILM NUMBER:		05979855

	MAIL ADDRESS:	
		STREET 1:		10770 COLUMBIA PIKE
		CITY:			SILVER SPRING
		STATE:			MD
		ZIP:			20901
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-07-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001320482</issuerCik>
        <issuerName>Discovery Holding CO</issuerName>
        <issuerTradingSymbol>DISC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001018211</rptOwnerCik>
            <rptOwnerName>GOULD PAUL A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>12300 LIBERTY BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ENGLEWOOD</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80112</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Series A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-07-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.98</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>187871</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series B Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>60034</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 167,871 shares of Series A Common Stock received in the spin off of the Issuer from Liberty Media Corporation on July 21, 2005 (the &quot;Spin Off&quot;).</footnote>
        <footnote id="F2">These shares were received in the Spin Off.</footnote>
    </footnotes>

    <remarks>The trading symbols for the Issuer's Series A and Series B Common Stock are, respectively, DISCA and DISCB.</remarks>

    <ownerSignature>
        <signatureName>/s/ Paul A. Gould</signatureName>
        <signatureDate>2005-07-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----