Action Network CEO to Step Down at the End of January

In November 2018, sports betting-oriented Action Network appointed Patrick Keane as chief executive officer. 

Now, the company considered “the most trusted source for sports betting insights & analytics” is getting ready to bid farewell to Keane at the end of his five-year tenure in the leading position. 

This is because Keane has announced his resignation from the position he was granted following Better Collective’s acquisition of the firm in 2021 for $240 million.

Keane, “Proud of What the Team” Built Over Time

Commenting on his decision, Keane expressed his content regarding the accomplishments of the Action Network team during his time as CEO. 

In a comment to Sportico, Keane added that “Two-thirds of acquisitions are deemed unsuccessful, and Better Collective has a very profitable and growing digital media asset in Action.”  

The news of his departure attracted praise from Better Collective chief executive officer, Jesper Søgaard, who commented it had been a “pleasure” to work with him and his team while thanking him for having helped them be “in pole position for the big opportunity the North American market is and will be in the coming years.”

Better Collective North America’s chief executive officer, Marc Pedersen, also took the opportunity to call Keane “a great inspiration for the organization” while speaking about the impressive legacy “in terms of results, team and culture” that he would be leaving behind. 

For the time being, there is no news regarding who the next CEO will be or the future course of action of the executive team.

Exiting a “High-Performing and Fast-Growing Organization”

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.

The figure also included a few months that had been impacted by the COVID-19 pandemic. Pedersen added that the quick growth went on and the revenue grew more than twice in size since then, emphasizing that Keane would be leaving behind “a high-performing and fast-growing organization.”

Before joining Action Network, Keane was also a reputable member of a number of prestigious boards belonging to Bleacher Report, Sharethrough, and Gimlet Media. 

He also worked for Google as director of advertising sales strategy and CBS where he was executive vice president and chief marketing officer. 

At Associated Content, he held the position of chief executive officer.

The investor, advisor, and digital media executive was also an operating partner at Stripes, a $8 billion growth equity fund based in New York City. 

Besides Action Network, 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.