Liberty Media Corp. is on the verge of controlling the assets of a second satellite radio company—this one with a global reach—one year after rescuing Sirius XM, the U.S.’s sole satellite radio provider.

John Malone's media conglomerate now controls the destiny of once-vaunted WorldSpace Inc., which lacks Sirius XM’s 18 million customers but owns three satellites and broadcast spectrum reaching nearly worldwide outside the United States, Japan, and South Korea.

“We obviously like satellite radio. We think it’s a great property,” Greg Maffei, Liberty Media CEO, said during a recent conference call. “Could there be opportunities for satellite radio outside the United States? We’re certainly looking at that.”

A subsidiary of Liberty Media assumed control of Silver Spring, Maryland-based WorldSpace in September. WorldSpace has been reorganizing in Chapter 11 bankruptcy since 2008.

WorldSpace fell under Liberty Media’s control after a Singapore-based investment fund defaulted on its financing owed under a court-approved plan led by Noah Samara, WorldSpace’s founder. He stepped down as CEO as WorldSpace entered bankruptcy, and he tried to reorganize it as a debtor-in-possession owner before running out of money.

Liberty Media has pumped $21 million into WorldSpace since assuming control, according to documents filed with the bankruptcy court.

The filings list WorldSpace assets as worth $307 million. It could be on the hook for $2.2 billion in debt, depending on how royalty payments on future profits it owes to previous investors are sorted out.

Liberty Media is expected to buy WorldSpace’s assets outright and set its new direction.

Maffei describes it as almost a venture-capital position, a bet that WorldSpace’s assets can be made into a profitable operation.

It’s a riskier move than a Malone company typically makes, said Matthew Harrigan, Denver-based analyst of media conglomerates for Wunderlich Securities.

“They’re usually pretty cautious,” Harrigan said, referring to Liberty Media’s chairman. “Malone likes to implement proven models and replicate them in other markets.”

But WorldSpace has unique assets that, with the right business model and management, could be very valuable, he said.

It’s unclear what the business model will be for WorldSpace.

A strategy, or at least a use for WorldSpace assets, is expected to emerge in coming weeks in bankruptcy court hearings.

WorldSpace sells some satellite broadcast capacity wholesale and beams a handful of channels from broadcasters in Europe to a handful of users.