Liberty Media Corporation (NASDAQ:LMCA), the media conglomerate controlled by billionaire John Malone is seeking to gain full control of Sirius XM Holdings Inc (NASDAQ:SIRI).

Malone’s media conglomerate owns 53% stake in the satellite radio service provider. Liberty Media Coropration (NASDAQ:LMCA) offered to purchase all of the remaining shares of Sirius XM Holdings Inc (NASDAQ:SIRI) it does not yet own in all stock transaction worth approximately $10 billion.

Under the proposed transaction, the media conglomerate said it would convert each share of the common stock of Sirius XM Holdings Inc (NASDAQ:SIRI) into 0.0760 of a new share of Liberty Media’s Series C common stock. The proposal values Sirius XM’s stock at $3.68 per share, which is slightly higher than the closing price of the stock on Friday at $3.57 per share.

Greg Maffei, president and CEO of Liberty Media Corporation (NASDAQ:LMCA) said, “Our proposal will allow Sirius public shareholders to convert from a non-controlling stake in a subsidiary into a direct equity position in Liberty, the parent company.

He added that the shareholders of Sirius XM Holdings Inc (NASDAQ:SIRI) will continue to participate in the future prospects of the satellite radio service provider and the business portfolio of Liberty Media Corporation (NASDAQ:LMCA).

Furthermore, Maffei said, “We believe the combined company will have better access to capital and all of Liberty’s shareholders — both its current shareholders and the Sirius shareholders who become Liberty shareholders as a result of the proposed transaction — will enjoy enhanced liquidity as shareholders of a $27 billion market capitalization company.”

On the other hand, Malone said the proposed deal is a significant step for the growth of Liberty Media and Sirius XM. According to him,  “It will enable us to focus our energies on the pursuit of new opportunities across the expanded portfolio of Liberty’s businesses and to optimize our capital structure to produce the maximum possible returns to all shareholders.”

Liberty Media Corporation (NASDAQ:LMCA) became the majority owner of Sirius XM Holdings Inc (NASDAQ:SIRI) after saving the satellite radio service provider from bankruptcy amid the financial crisis. The media conglomerate provided a $530 million rescue package in exchange for a huge stake in Sirius XM.

A special committee of independent directors of Sirius XM will review Liberty Media’s proposal.