The investment firm Hicks Equity Partners is looking to acquire the channel and is pitching other wealthy GOP donors to arrange a bid of roughly $250 million for the channel’s parent company, the people said. The firm is owned by the family of Thomas Hicks Jr., co-chairman of the Republican National Committee and a close friend of Donald Trump Jr…

The Hicks firm would bring in new management, upgrade production values and offer coverage that caters to viewers whose political outlook is in the center and right-of-center, segments it views as underserved, the people familiar with the matter said…

Part of the discussion among investors about buying the network has centered on the desire to strengthen the conservative voice in media coverage, which they feel offers far more options for liberal audiences, Mr. Deason said.

“The concern is that there’s only Fox. The left has so much more,” Mr. Deason said.