Talk of rolling up right-wing digital outlets into one big company — possibly under Fox — which would be good for Fox's reach but a test for independent conservative voices.

• There's an opening for someone to combine outlets like Daily Wire and Blaze into one large conservative digital media company.
• Fox is named the most likely buyer because it has billions to spend, even though it has struggled to crack the online space on its own.
• Buying a digital-first outlet would teach Fox how the online world works, which it doesn't fully grasp yet.
• A $22 billion fund already floated a rollup plan, offering to merge several conservative outlets and build one giant company.
• Fox already quietly owns many media brands through News Corp, including the Wall Street Journal and New York Post.

Outlook: No deal is in motion, but conservative media looks ripe for consolidation, with Fox positioned to make the first move.