Sports podcast host Ryen Russillo is preparing to depart The Ringer when his contract ends and form an independent digital production company, according to multiple people familiar with the matter. Sources said the new venture is close to securing investment from Barstool Sports founder Dave Portnoy and Barstool itself. The parties are negotiating a multi-year arrangement covering financing, distribution, merchandising and other commercial support, with the deal described as “inside the five-yard line.” Russillo joined The Ringer—founded by Bill Simmons and now owned by Spotify—in 2019 after a long stint at ESPN. His self-titled podcast consistently ranks among the top sports shows on major audio platforms. Representatives for Russillo and Portnoy have not commented publicly on the pending agreement.