Among the parade of notable figures at the annual Milken Conference in Los Angeles last week — US Cabinet secretaries, A-List actors, foreign dignitaries, a former first lady, and dozens of prominent members of the media — Ben Shapiro’s presence didn’t get any headlines.

But the Daily Wire founder and podcaster wasn’t in attendance to speak on a panel or get new content for his podcast. He was there on business: Over the course of the week, Shapiro roamed the conference meeting with top financial figures to discuss, among other things, the future of his company, including investment — or a potential sale.

The company declined to comment, though people familiar said there were no current plans to sell the company. Shapiro has also become an increasingly visible figure in recent months in business and finance media, appearing on the All In podcast multiple times.

The Daily Wire has entered a moment of transition, having built the young audience and subscription base its cable rivals — led by Fox — covet while apparently trying to bring down spending on a widening array of projects.

The Nashville-based outlet told Axios at the end of last year that it was seeking a major investment in 2025 to aid its continued growth (it last raised money in 2023 at a valuation “well north of $1 billion”). With just a few weeks left in the year, the company boasted that it was on track to surpass $200 million in combined revenue this year from subscriptions, a surprisingly robust e-commerce business, and digital advertising.

Longtime CEO Jeremy Boreing stepped down in March, saying he wanted to work more on scripted projects. While Shapiro and the Daily Wire downplayed Boreing’s decision to step away from his job as CEO, some wondered whether he had overspent on the company’s scripted TV projects. The Daily Wire has also been looking to cut costs. As Semafor first reported in 2024, the company wound down its in-house book publishing arm, and Shapiro sought out a legacy publisher to release his upcoming book. It also laid off staff earlier this year as part of what a spokesperson described in March as an “ongoing plan to better align resources with business priorities and growth areas.”

On Megyn Kelly’s podcast in March, Shapiro brushed off questions about The Daily Wire’s success, hinting instead at major changes on the horizon.

“We are growing, we are thriving, we have extremely big moves we are looking forward to making this year,” Shapiro said.