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While Sirius XM (SIRi) shares have gotten a lift this morning from a Wall Street Journal report asserting that investor John Malone’s Liberty Media (LMDIA) might be willing to rescue the company from the clutches of Echostar (SATS) and Dish Network (DISH) chief Charlie Ergen, not everyone is buying the story.

Sirius XM (SIRI) shares are trading higher this morning on a Wall Street Journal report that the company is seeking an investment from Liberty Media Corp. (LCAPA), the largest shareholder in DirecTV (DTV), in an effort to avoid falling into the clutches of Charlie Ergen, CEO of EchoStar (SATS) and Dish Network (DISH). The story has turned into a battle between two media moguls - Ergen vs. Sirius XM chief Mel Karmazin - into a three-way tug of war that also includes Liberty’s largest investor, the billionaire John Malone.

Filed under: Time Warner (TWX)

FT.com reports that Liberty Media Corp (NASDAQ: LCAPA) and EarthLink (NASDAQ: ELNK) may enter the bidding for AOL's dial-up internet access operation (which shares a parent, Time Warner (NYSE: TWX), with BloggingStocks). Liberty thinks its advantage is its ability to do a "tax efficient transaction."

Liberty Media (LCAPA) is “open” to swapping its stake in Time Warner (TWX) for AOL’s dial-up Internet access business, Liberty Chairman John Malone said Monday, Reuters reported.

Malone said there have not been any discussions on the concept so far, however.

“Clearly an exit from the Time Warner equity stake into a cash-generating asset would be attractive, but at the current time, none have been proposed that we could take action on,” Malone said on a conference call with analysts.