Action Network CEO to leave business at the end of January
Patrick Keane calls time on five-year spell as chief exec as Better Collective management heap praise on his contribution to the business
Action Network CEO Patrick Keane is to step down at the end of January to bring an end to his five-year tenure with the US business.
Keane, who was named CEO in November 2018, was retained at the head of the business following Better Collective’s $240m acquisition of the firm in May 2021.
He previously sat on the boards of Bleacher Report, Sharethrough, and Gimlet Media and counts time at Google, CBS, and Associated Content on his media CV.
Following the acquisition, Keane reported into Better Collective USA CEO Marc Pedersen.
Along with Action Network, Better Collective’s US operations include RotoGrinders, VegasInsider, Sportshandler, Canada Sports Betting, and Playmaker HQ.
In full-year 2021, when Better Collective snapped up Action Network, North America revenue landed at €47m ($51.2m)
According to the group’s Q3 2023 report, North America revenue for the first nine months of the year sits at €82.6m, a 30% leap on €63.6m in the same period in 2022.
Within that Q3 report, management stated: “From Q2 2021 and following the acquisition of Action Network (included in group accounts from time of closing on May 28, 2021) the US market constitutes >20% of group revenue and >30% of revenue in publishing on an annualized basis.”
Keane confirmed his decision, which had originally been reported by Sportico, via a post on LinkedIn.
Keane said: “I’m proud of what the team at Action Network built over time as CEO. Two out of three corporate acquisitions are deemed unsuccessful and Better Collective reverses that trend with a very profitable and growing digital media asset in Action.”
Keane also drew praise from Pedersen and Better Collective CEO Jesper Søgaard following the confirmation of his departure.
Søgaard said: “It has been such a pleasure working with you and team at Action. We’re in pole position for the big opportunity the North American market is and will be in the coming years. Thank you so much for your significant contributions to that.
Pedersen added: “It has been a real pleasure to work with you. You have taught me a great deal, and have been a great inspiration for the organisation. The legacy you leave behind is truly impressive, both in terms of results, team, and culture.”
There has been no confirmation of Keane’s replacement at the time of writing.
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.