Fox News could soon be expanding its media empire through a partnership with one of the world’s largest conservative media outlets.
According to a weekend report from Semafor, Fox Corporation is eyeing potential acquisitions of conservative podcast companies, including renowned media outlet The Daily Wire.
Co-CEO Jeremy Boreing told Axios that The Daily Wire is looking to possibly partner with a larger company or raise a significant round of capital next year to meet its growth ambitions.
According to the report, The Daily Wire’s success has caught the attention of investors and potential buyers looking to gain a larger footprint with a younger conservative culture.
Asked about any potential deal with Fox, Boreing said the company isn’t actively looking for a buyer, but “we’re not closed off to an offer.”
“It’s easy to imagine a strategic partnership with Fox or someone like Fox, that could be mutually beneficial. I think that we complement Fox and don’t compete with Fox,” he added.
The Daily Wire is based out of Nashville and is on track to surpass $200 million in revenue this year, according to Axios.
Axios also reported that The Daily Wire raised an undisclosed round of capital in 2023 at a valuation well north of $1 billion.
Earlier this year, its lead podcaster and co-founder Ben Shapiro testified on Capitol Hill as part of a broader fight to get ad agencies not to dismiss conservative media.
Since then, Boreing said conversations with Fortune 500 advertisers have “opened up enormously” since.
The company made more than $22 million on commerce sales in 2023. This year, it will make more than $20 million on its Jeremy’s Razors business alone, Boreing said.
The company’s streaming service, Daily Wire+, has well over 1 million subscribers, Boreing said.
This year will be its biggest in terms of gross subscription additions since it launched in 2021, according to Axios.
Next year, Boreing says the company will expand its podcast suite and will add more focus to its children’s subscription entertainment platform, Bentkey.