Hearst Magazines President David Carey talks with Recode's Peter Kafka about how the 130-year-old media giant is striking a balance between its print legacy and the digital future. Carey says print still accounts for two-thirds of his division's profits, and it will be a "long time" before those lines cross. And he predicts that many digital media companies that are heavily reliant on advertising have a rough year ahead, with too much cash heading out the window and no moat to protect themselves. Carey also talks about the advantages of being a private company, why he readily partners with or invests in tech platforms like Snapchat and why everyone still wants to be on the cover of a magazine.