Radio personality Colin Cowherd Credit: Jerry Lai-USA TODAY Sports

The Volume, the podcast network Colin Cowherd launched in 2021 in partnership with iHeartMedia, is reportedly exploring investment from a private equity firm.

According to Michael McCarthy of Front Office Sports, three companies are “circling” a stake in The Volume. Cowherd reportedly has not decided if he wants to sell all of the company, or just a portion.

As McCarthy notes, the closest comparison here is last summer’s purchase by the Chernin Group of a minority stake in Peyton Manning’s Omaha Productions.

The Volume boasts several massive digital sports shows. Club Shay Shay, co-produced with Shannon Sharpe’s Shay Shay Media, has nearly 1.5 million YouTube subscribers and typically sits in the top 10 among sports podcasts on Chartable. The newly launched live football show Nightcap featuring Sharpe and Chad Johnson has blown up with frequent viral moments.

Athlete-driven shows from Richard Sherman and Draymond Green make news and command a significant audience in America’s two biggest sports.

The Volume came out of Cowherd’s longstanding ties to iHeartMedia since his move to Fox Sports. His show airs on Fox Sports 1 and is simulcast on the iHeartRadio app. iHeartMedia likely has a stake in The Volume or provides Cowherd’s company with significant revenue through a licensing deal.

If Cowherd wants to explore a venture capital deal, a minor investment probably makes more sense based on recent history. Blackrock types don’t typically have the greatest sense of what makes great sports content.

Cowherd and The Volume frequently go outside the box with new shows. They aren’t afraid to pursue lesser-known personalities and develop young talent.

More money always helps, but Cowherd is unlikely to be desperate.

[Front Office Sports]

About Brendon Kleen

Brendon is a Media Commentary staff writer at Awful Announcing. He has also covered basketball and sports business at Front Office Sports, SB Nation, Uproxx and more.