In November 2018, Patrick Keane was appointed as the chief executive officer of Action Network, a sports betting-oriented company. Now, after a five-year tenure in the leading position, Keane has announced his resignation following Better Collective’s acquisition of the firm in 2021 for $240 million.
Keane expressed his content regarding the accomplishments of the Action Network team during his time as CEO and added that “Better Collective has a very profitable and growing digital media asset in Action.” Better Collective chief executive officer, Jesper Søgaard, praised Keane and his team, thanking him for helping them position themselves for success in the North American market.
CEO Pedersen explained that, at the time the company finished the acquisition of Action Network, the latter’s revenue for the year leading up to the sale had gone over the $20 million mark, despite being impacted by the COVID-19 pandemic. The quick growth has continued, with revenue growing more than twice in size since the acquisition.
Before joining Action Network, Keane held positions at Bleacher Report, Sharethrough, Gimlet Media, Google, CBS, and Associated Content. He also served as an operating partner at Stripes, a $8 billion growth equity fund based in New York City.
Keane’s departure leaves uncertainty regarding the next CEO and the future course of action for the executive team. Better Collective’s US-based operations also feature VegasInsider, RotoGrinders, Sportshandler, Playmaker HQ, and Canada Sports Betting.
A year ago, Better Collective implemented a long-term incentive plan aimed at motivating 63 crucial employees of the group to remain with the organization. In February 2023, the group announced an investment surpassing the 5% mark in one of its big competitors, Catena Media.