Dr. John Malone’s Liberty Media is moving to acquire the 48 percent of SiriusXM it does not already own in a $10 billion all-stock deal that could have future implications for Malone’s interest in merging Charter Communications with Time Warner Cable.

Malone’s company has effectively controlled the satellite radio venture since bailing the company out with a loan during the Great Recession. Since assuming control, SiriusXM has raised prices and is earning more revenue from its subscribers in the U.S. and Canada.

Malone’s initial $1 billion investment is already valued at more than $10 billion, but as full owner Liberty will control a company worth $21.5 billion.

Malone

Through a carefully constructed transaction, the deal will be entirely tax-free for both companies and their shareholders. When complete, Liberty will be able to free up additional capital and flexibility which could prove useful to its ongoing investment in Charter Communications.

Should Charter formally bid for a Time Warner Cable takeover, Liberty Media may be called on to help finance the transaction expected to be worth at least $40 billion.

But don’t expect Malone’s Liberty Media to keep ownership of SiriusXM forever. Malone has a long history of increasing the value of his media assets for shareholders, usually with rate increases and cost cutting, and then spins the companies off in tax-free transactions.

Liberty Media has done exactly that with its former properties, including Discovery Communications, Starz and DirecTV.