Conservative media giant Daily Wire is going through layoffs and turmoil, bad news for staff but not the death spiral critics are hoping for.

• Two rounds of layoffs hit the company — one right after the founding CEO left, another a year later.
• The first round came from a strategy change after the founder's exit; some projects, like the children's content division, got shut down.
• Losing Jordan Peterson to illness was a big financial blow, since he was a major earner for the company.
• Conservative media often loses audience after winning elections, and Trump's second term has pulled attention away.
• Despite the cuts, Daily Wire still pulls in nine-figure revenue and keeps top conservative talent.

Outlook: Expect a rough transition as new leadership settles in, but a full collapse is unlikely near-term.