Liberty Media Corp., the Douglas County-based cable company controlled by billionaire John Malone, doesn't plan to combine the satellite operations of DirecTV Group Inc. with Sirius XM Radio Inc., Chief Executive Officer Greg Maffei said.

Bundling subscriptions to DirecTV and Sirius XM may be an "opportunity down the road," Maffei said Wednesday on a conference call after Liberty Media reported fourth-quarter results.

"We like the fundamentals of the satellite radio business," Maffei said. "We think there's relative safety on our capital and upside for our shareholders."

Broadcasting video to cars would be a "great intersection" of DirecTV and Sirius XM, Maffei said. Last week, Liberty agreed to buy a 40 percent stake in XM Sirius in exchange for $530 million in loans to help the pay-radio company avoid bankruptcy.

The initial $280 million, secured by Sirius XM assets, pays 15 percent interest and matures in December 2012.

Malone gained control of DirecTV last year after buying New Corp.'s stake.

Broadcasting to cars is speculative and may not happen anytime soon, Maffei. The concept wasn't part of Liberty's valuation of Sirius XM, he said.

"Liberty views this transaction primarily as an attractive financial investment, and does not plan to become closely involved in the day-to-day operation of SIRI, nor does it plan to attempt a DTV/Sirius operational or financial combination," Vijay Jayant, a New York-based analyst with Barclays Capital Inc., wrote in a note to investors last week.

Sirius XM overpaid for its programming and has a good chance to renegotiate contracts at attractive prices when they expire, Maffei said.

The New York-based broadcaster has a $500 million five-year agreement with Howard Stern that began in January 2006. In 2005, Sirius XM agreed to pay Martha Stewart Living Omnimedia Inc. $30 million over four years to produce a 24-hour lifestyle channel.

Sirius XM CEO Mel Karmazin turned to Liberty Media to avert a takeover by Charles Ergen's EchoStar Corp., which had been buying the satellite radio company's debt, according to a person familiar with the situation.

Liberty Media Corp. says fourth-quarter revenue rose at two of its business units, but slid at the unit that includes Expedia, HSN and QVC.

Liberty Interactive, which includes QVC and other online assets, saw revenue fall to $2.38 billion. QVC President and Chief Executive Mike George says the recession hurt U.S. results at the television shopping network.

Revenue jumped 26 percent to $360 million for Liberty Entertainment Group, which includes Liberty's stake in DirecTV, as well as Starz Entertainment.

Liberty Capital Group saw revenue rise 44 percent to $131 million. It includes the Atlanta Braves, and Liberty's interests in Sprint Nextel Corp. and Time Warner Inc., among other companies.