Billionaire John Malone refused to play nice at “summer camp” for media moguls, throwing a few darts the way of Sirius XM chief Mel Karmazin.

Malone continued his tug of war over Sirius at Allen & Co.’s annual conference in Sun Valley, Idaho, where he predicted that Liberty will eventually gain control of the satellite-radio company and spin it off as a separate venture.

Malone’s Liberty Media, which owns 46 percent of Sirius, still needs approval from the Federal Communications Commission to complete a takeover of the company.

When asked how Liberty’s case with the FCC is going, Malone said, “I just had dinner with [FCC Chief] Julius Genachowski tonight.”

Still, there’s one thing standing in Malone’s way: Karmazin.

The long-time Sirius chief has urged the FCC to reject Liberty’s latest application to take effective control. The FCC has already rejected the application once before.

“He has incredible incentives [to get a deal done],” Malone told reporters at the Sun Valley Resort bar.

“He’s telling people he’s underpaid. It’s a joke,” he said. “He has $120 million worth of share options at 50 cents,” adding that those options can exercised either at the end of the year or when there’s a change of control.

He also said Karmazin should go back in time and mend fences with his former boss, Viacom Chairman Sumner Redstone. Karmazin famously tired of playing second fiddle to Redstone and quit as Viacom’s chief operating officer.

Malone seems set on replacing Karmazin with his own executives, assuming Karmazin doesn’t want to stick around as No. 2. He also had some words of advice for Karmazin.

“Mel should enjoy his success and bask in the glory,” Malone said.

catkinson@nypost.com