FireCrown Media / Flying Magazine

In 2021, Craig Fuller—already successful with FreightWaves, a $60-80M ARR data business for freight brokers—called Preston Holland with an unusual proposition: help him run a magazine as a side hobby. Flying Magazine, a publication for aviation enthusiasts, seemed like a niche, low-stakes venture. "He's like, well, it's just gonna be kind of like a side hobby," Preston recalls. "FreightWaves is really my business, but yeah keep it small." But Craig Fuller isn't wired for small. Within months, the side project became an acquisition machine.

The genius wasn't in reinventing magazines—it was in inverting the business model. Traditional magazine economics rely on subscriptions and advertising. FireCrown's model: use the magazine as a customer acquisition channel for high-margin commerce. Preston and team started with Flying Magazine, distributing copies to FBOs (Fixed Base Operators—the private aviation terminals) across the country. Some placements were solicited partnerships; others were unsolicited, betting that the magazine was valuable enough that pilots would pick it up and read it.

As they wrote content about aviation communities and real estate, Google Analytics revealed something unexpected: people were deeply engaged with stories about airpark developments. "We could see that the content being engaged with... people actually care about this. They care about air parks," Preston explains. This data point became a business pivot.

FireCrown announced a 1,500-acre airpark community development outside Chattanooga, Tennessee, financing it through customer deposits rather than traditional capital. The math was Tesla-like: take pre-orders to prove demand, use those to secure bank financing for infrastructure. They projected a 5-7 year pre-sales cycle but "basically met our three year kind of pro forma in pre reservations in like the first three months." With $25M in pre-deposits and land bought at $1,500/acre (in an opportunity zone with tax incentives), they had proven product-market fit without a dime of venture capital.

Fired by this success, Fuller began acquiring magazine titles in bulk—13 at a time from major publishers like Meredith Corporation and Bonner, which owned dozens of print titles they were willing to sell cheaply. By Q4 2024, FireCrown had acquired 44 magazines across verticals: boating, sailing, fishing, yachting, classic toy trains, and astronomy. The company hit $50M ARR (roughly $12.5M quarterly run rate based on Q4 2024's $15M) with 18% EBITDA, buying publications at 3-5x multiples.

What didn't work initially: the assumption that print was dead. Fuller and Preston went in planning to kill print entirely. "I didn't have a lot of print magazine subscription... I'm 30 years old. That's not how I consume media," Preston says. But something unexpected happened: print gave legitimacy. A blog called "Architectural Design Tips" gets no traction. A physical *Dwell* magazine on a coffee table *feels* real, permanent, established—to both readers and advertisers. They kept print as a "staying power" play while pivoting the core business to digital acquisition and commerce.

FireCrown now runs 257 employees—a "side business" that rivals Fuller's main venture in scale. The airpark project is set to break ground within 30 days, having navigated regulatory approval. Preston is actively brokering jets on Twitter, casually selling $7M aircraft to readers of Flying Magazine. The ecosystem works: readers see airpark content → become investors/buyers → become customers for jet brokerage and marina services.

Fuller's 2030 prediction: $1B revenue with 30% profit margins. It's a stunning trajectory for what started as a lifestyle hobby, proving that old media, combined with a commerce-first mindset and patient capital (not venture, but long-horizon private investors), can still create massive value.