My B&N bid ‘Sirius’

Think Sirius.

For those still puzzling over why media mogul John Malone has made a bid for Barnes & Noble that values the struggling book chain at $1 billion, that’s the clue the hard-charging chairman of Liberty Media gave yesterday at a special shareholders meeting in Denver.

“You might look at the experience we’ve had with Sirius XM,” the billionaire told investors, referring to the 40 percent stake that Liberty holds in the satellite-radio company. The stake, acquired by Liberty in 2009 in exchange for a $530 million lifeline, is now worth more than $5 billion.

Hinting that B&N shares are way undervalued, Malone said he believes B&N’s Nook e-reader device — which currently has about 25 percent of the digital-books market, according to B&N — is likely to get strong support from publishers, who are wary of the growing dominance of Amazon and its Kindle e-reader.

In addition, Malone said he thinks Google’s Android operating system, which powers the Nook, could become the dominant operating system for e-readers. The Nook could extend its market share by becoming an e-reader platform for third-party devices, Malone said.

Malone, meanwhile, quashed speculation that his B&N bid includes a plan to reap synergies between B&N’s Nook and Liberty’s other media properties, including QVC and Starz, as well as its stakes in Expedia, Live Nation and Sirius.

Malone said he expects a decision from B&N’s board within “months, if not weeks.”

Malone’s bid last week — which offers $17 a share for 70 percent of the company — followed a seemingly half-hearted auction of the book chain that had appeared all but dead to many observers.

Investors, perhaps thinking similarly to Malone and believing that B&N’s shares are undervalued, bid them up to $18.33 the day after the late afternoon Malone bid was made. They closed yesterday at $18.59, well above the offer price. james.covert@nypost.com