The AMO Show

Mike Rothman, the President of The Dispatch, engages in an enlightening dialogue with moderator Jacob Donnelly regarding the intricate dynamics of operating a subscription-based media entity amidst the evolving landscape of news consumption. Central to our discussion is the strategic interplay between advertising and member subscriptions, as Rothman elucidates how The Dispatch deftly navigates the challenges of maintaining a membership-first model while incorporating advertising without compromising subscriber value. We delve into the implications of acquiring SCOTUS Blog, which symbolizes a bold step in expanding The Dispatch's influence and content offerings. Furthermore, Rothman shares insights into the company's growth trajectory, marked by a significant uptick in subscriptions and revenue, alongside a commitment to enhancing engagement through innovative events and community-building initiatives. This episode offers a profound examination of the current state and future aspirations of The Dispatch, emphasizing the importance of credibility and thoughtful content in a polarized media environment.

Takeaways:

• The Dispatch operates with a subscription-first model, balancing advertising without compromise.
• Mike Rothman emphasizes the importance of a direct relationship with customers in media.
• Significant growth in subscriptions has been achieved through strategic marketing and conversion efforts.
• The Dispatch aims to expand its B2B offerings, particularly in the legal sector, after acquiring SCOTUS Blog.
• Community-driven events, known as Juntos, foster deeper member engagement and participation.
• The overall vision for The Dispatch is to become a household name while maintaining its core values.

The dialogue between Jacob Donnelly and Louise White, CEO of Sift, encapsulates critical insights into the evolution of a media and events company specializing in the accounting sector. White elucidates her journey from a non-executive director to the helm of Sift, highlighting the company's strategic shift from a subscription-based model to a robust focus on events and marketing services. This change, she argues, was necessitated by the realization that the subscription model was not yielding the desired market engagement or financial returns. Instead, Sift is now poised to leverage its deep-rooted community engagement and proprietary data to drive growth and profitability through events that foster genuine connections within the accounting industry. White's perspective on pricing as a pivotal lever for business growth further underscores her strategic acumen, as she advocates for a pricing model that reflects the true value delivered to clients. Her insights into the operational transformations at Sift provide a blueprint for other media businesses navigating similar challenges in a rapidly changing market landscape.

Takeaways:

• Louise White emphasizes the significance of community engagement and data-driven insights in transforming Sift's business model.
• The decision to cease the paid subscription service reflects Sift's strategic shift towards enhancing event-driven revenue streams.
• Effective pricing strategies are crucial for profitability, as they serve as a primary lever for business growth and sustainability.
• Louise White advocates for understanding customer needs to provide tailored solutions, fostering long-term relationships with clients.
• Sift's events business has experienced a remarkable growth trajectory, showcasing the value of personalized engagement with vendors and attendees.
• The importance of continuous transformation in business emphasizes building value through strategic decisions and innovative service offerings.

Paul Miller, the CEO of Questex, articulates the transformative potential of the B2B media and events industry in this insightful discussion. He explores the pivotal notion that 2026 may herald a significant shift in the mergers and acquisitions landscape, emphasizing Questex's commitment to a mixed model that synergizes media and events. The conversation delves into the strategic rationale behind reducing the number of annual events, shifting focus towards quality and impact, and adapting to evolving market demands. With an eye on both organic growth and acquisitions, Miller outlines Questex's proactive approach to maintaining relevance and driving innovation in sectors such as life sciences and healthcare. The episode culminates in an examination of the company’s robust growth trajectory, underscoring its resilience in an ever-evolving marketplace.

This podcast episode features an in-depth conversation with Devin Emery, President of Morning Brew Inc., who elucidates the transformative journey of the company from a singular daily newsletter to a multifaceted media entity. The central theme revolves around the strategic evolution of Morning Brew's consumer business, particularly its innovative pivot towards a creator-led portfolio. Emery articulates how the organization has effectively partnered with creators to enhance brand engagement and expand its multimedia presence, while also addressing the challenges faced by other media companies in making similar transitions. Throughout the discourse, we delve into the financial dynamics underpinning this evolution, exploring the intricate balance between revenue generation and maintaining the brand's core identity amidst rapid growth. Emery's insights reflect a keen awareness of the changing landscape of media consumption and the imperative for companies to adapt to sustain relevance and profitability.

Takeaways:

1. The evolution of Morning Brew's consumer business is a striking example of successful adaptation in a competitive media landscape.
2. Devin Emery emphasizes the importance of aligning creator partnerships with the core values of the Morning Brew brand.
3. The transition from a newsletter-focused strategy to a multimedia approach has presented unique challenges and opportunities for Morning Brew.
4. Understanding audience engagement metrics is crucial for maintaining the integrity of the brand amidst a rapidly changing media environment.
5. Morning Brew's strategic focus on first-party data is a key differentiator in enhancing advertiser relationships and generating insights.
6. Maintaining the essence of the brand while expanding into new content areas is essential for sustainable growth and audience retention.

Jacob sits down with Craig Fuller, founder and CEO of Firecrown — a media holding company built around legacy print brands including Flying, Boating, Trains, Model Railroader, and Astronomy, alongside the B2B data powerhouse FreightWaves. In a candid, wide-ranging conversation, Craig pulls back the curtain on the bruising lessons of rapid M&A, the founder's rock-bottom moment that changed everything, and why he believes owning audiences — not renting them — is the ultimate media business model.

1. How Firecrown was born — Craig's journey from launching FreightWaves as a venture-backed freight data company to spinning out its media arm and rolling it into a print magazine empire
2. The 2025 reckoning — What happened when Craig did 20 acquisitions in 3 years and the infrastructure cracked under the weight
3. The marine business miscalculation — How buying Active Interest Media's marine portfolio the week before a 20% revenue drop forecast exposed deep operational blind spots
4. Going "founder mode" — The Saturday Craig didn't get off the couch, and how a podcast with his dad snapped him out of it
5. The $9.2M cost cut — How Craig got ruthless from July onward and slashed nearly $10M in expenses in the second half of 2025
6. Why salespeople tied to brands — not companies — is a massive problem in media roll-ups
7. The Sonar data business — Why FreightWaves is "the Bloomberg of freight" and what it will take to get to a $50–100M ARR exit
8. The "Bloomberg Option" — The clever deal structure that keeps FreightWaves media and data separate but reversible for future buyers
9. Path to $1B in revenue by 2030 — The compounding math behind Firecrown's acquisition strategy and why Craig's family office financing is a cheat code
10. AI in media — but not where you think — Why the real opportunity isn't content generation, it's back-office automation
11. Vibe coding as an operational superpower — How Craig's team built an internal contributor management app in a week using Replit, saving $1.8M annually
12. The secret teaser: a "Landman for trucking" — Craig hints at a Hollywood-style freight drama series in the works

On acquisitions without a playbook: "We were opportunistic, but we didn't have a system for buying businesses and integrating them. We let these businesses run on their own. That creates a lot of cultural problems and resentment."

On working in vs. on the business: "All too often we work in the company and not on the company. You're afraid of admitting your business has problems. You have to get outside of it and realize it."

On AI and media: "Everyone talks about AI replacing editorial. I don't think that's where the opportunity is. The opportunity is in the back office — the operating systems that encompass all these technologies."

On the unit economics of scale: "At $2M in revenue, the best case is you pay yourself. You don't start to get economies of scale until about $10M top line."

On patient capital: "The limitation is ultimately: can we execute, and can we finance it? Those are the only two things that hold any business back from growth."

Craig Fuller is the founder and CEO of Firecrown, a media holding company that owns enthusiast print and digital brands across aviation, marine, trains, and astronomy. He is also founder of FreightWaves, a B2B freight data and media company often called "the Bloomberg of freight," and its flagship data product Sonar. Craig has built Firecrown from $9M to $60M in revenue in roughly two years through aggressive M&A, and is targeting $1B by 2030.

1. A Media Operator — amediaoperator.com
2. Firecrown — firecrown.com
3. FreightWaves — freightwaves.com
4. Sonar (FreightWaves data product) — sonar.freightwaves.com
5. Flying Magazine — flyingmag.com

1. 00:00 — Introduction: Craig's origin story and the FreightWaves pitch that started it all
2. 02:06 — What is Firecrown? The print roll-up thesis explained
3. 06:32 — 2025: The year the wheels came off
4. 08:46 — The marine business acquisition that went sideways immediately
5. 12:14 — Going founder mode: Craig takes a no-prisoners approach to costs
6. 14:04 — The M&A trap: inheriting old problems plus your own
7. 16:58 — Consolidating sales teams and why individual brand-tied reps kill efficiency
8. 43:23 — The emotional toll: "It was a brutal year"
9. 45:41 — Lessons from Mark Zuckerberg and Peter Thiel on founder control
10. 47:18 — The FreightWaves / Sonar split explained
11. 56:07 — The "Bloomberg Option": structuring a reversible transaction
12. 01:05:07 — How Sonar built its proprietary freight data moat
13. 01:08:23 — Sonar's exit path: why $50–100M ARR is the target
14. 01:10:36 — Firecrown's path to $1B: compounding through M&A
15. 01:11:03 — AI in media: the back-office opportunity nobody's talking about
16. 01:17:02 — Vibe coding: how Craig's team built a $1.8M savings app in a week
17. 01:23:50 — Founder advice: working on your business, not in it
18. 01:28:36 — The big tease: a Hollywood freight drama series

Become an AMO Pro member for deeper analysis and access: amediaoperator.com

My guest this week is Tagg Henderson, co-CEO of BNP Media, a b2b media company operating in a variety of different niches. In this 40 minute conversation, we talked about how the business got its start, the 90 day pivot from print to digital that happened during 2020, the various revenue streams including advertising, events, research, and continuing education, the new agency that they brought on about a year ago and how that helps the business, and where he sees the business going from here. I hope you enjoy our discussion.

My guest this week is Phillip Jackson, co-founder and CEO of Future Commerce. In this hour long conversation, we talked about how the brand got its start, the various revenue streams across advertising, subscriptions, learning, insights, and events, why they can accomplish all of this with a very lean team, and where he sees the brand going from here. Future Commerce is doing things differently than other b2b media companies, but I think that is to their advantage. I hope you enjoy our discussion.

My guest this week is Curtis Cord, the founder and editor in chief of Olive Oil Times. In this 35 minute conversation, we talked about how the business got its start, its expansion into launching the NY World Olive Oil Competition, its education business where it holds sommelier courses in New York and London, and why he feels so passionately about making sure his various websites load as quickly as possible. This episode was a reminder to me that there are possible media niches in all places. I hope you enjoy our discussion.

My guest this week is Eric Hoffman, CEO of Hoffman Media, a publisher that publishes a number of publications targeting women and southern living. We talked about how the business first got its start, why they charge what they do for subscriptions, the five figure experiences business they have, and so much more.

My guest this week is Kat Craddock, the editor-in-chief and CEO of Saveur, a publication that she acquired from Recurrent Ventures a little over one year ago. In this episode, we dove into how the deal happened, how she financed it, why they reintroduced a print product, and so much more.