Better Collective is undergoing a change of leadership at one of its affiliate brands.
Action Network CEO Patrick Keane has announced that he will resign from his position at the end of the month ending a five-year run as an executive of the sports betting media company.
“I’m proud of what the team at Action Network built over time as CEO,” Keane told Sportico. “Two-thirds of acquisitions are deemed unsuccessful, and Better Collective has a very profitable and growing digital media asset in Action.”
Better Collective, which also owns VegasInsider and Greek media brand Betarades, purchased Action in 2021 for $240 million. As a result of the acquisition, Better Collective generated record revenue in FY2022 and continued to drive growth the following fiscal year.
The Denmark-based company reported $82.1 million in revenue in Q3 2023 — a 26.5% increase year-over-year. Better Collective saw its North America segment generate $24.4 million in revenue during the quarter compared to $19.7 million for the same period last year. Better Collective can increase revenue in the future behind its second-largest acquisition in history.
Last November, Better Collective agreed to acquire Canadian-listed digital sports media firm Playmaker Capital in a deal valued at $187.7 million. As part of the transaction, Better Collective acquired Playmaker’s network of sports websites, which include Yardbarker and Futbol Sites.
Futbol Sites, which targets the U.S. and Latin America, attracts over 180 million monthly visitors.
In 2023, Better Collective also acquired North American media brand Playmaker HQ to bolster its social media production capabilities. Better Collective paid roughly $54 million for Playmaker HQ.
Despite Better Collective bolstering its portfolio, Keane isn’t the only high-profile employee to leave the company. Media personality and sports business reporter Darren Rovell left Action toward the end of 2023 after five years at the company. Rovell, who had left ESPN to join Action, will be transitioning to a new role in media.
