Sirius XM Holdings Inc. has announced it will add an additional $2 billion to its common stock repurchase program.

This move will increase the kitty to an aggregated $6 billion, following the satellite radio company's board of directors approval of $2 billion common stock repurchase program in December 2012 that was later supplemented with the approval of an additional $2 billion common stock repurchase program in October 2013. 

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Shares of common stock may purchased from time to time on the open market and in privately negotiated transactions, including in accelerated stock repurchase transactions and transactions with controlling stake holder Liberty Media and its affiliates. Sirius XM will fund its repurchases through cash on hand, future cash flow from operations and future borrowings. 

A statement from the company said, "The announcement of the extension of the repurchase program reflects the Board's desire to continue to return value to stockholders and its confidence in the long-term growth prospects of the Company's business. SiriusXM retains sufficient capital capacity to continue making long-term investments in its programming, research and development initiatives and overall operations, as well as to pursue strategic opportunities that may arise."

Sirius XM formed a deal with mass media corporation Liberty Media in 2009 in return for a minority stake in the company. That deal allowed Sirius XM to avoid bankruptcy filing. Since, Liberty Media has become the controlling stake holder and earlier this year proposed a plan to make the radio company a wholly owned subsidiary of the conglomerate controlled by billionaire John Malone. But that plan was later abandoned when shareholders of the satellite radio firm deemed Liberty's offer too low