Newsweek/Daily Beast editor-in-chief Tina Brown said that the joint venture won't be making money for a few years.
The magazine and the website were both losing money when they merged in 2010. Brown, who was editor-in-chief of the Daily Beast at the time, is leading the charge to transform the company.
In a new interview for "Nightline," Brown told ABC News' Cynthia McFadden about shaking things up at the print magazine. She explained the decisions behind Newsweek's "Mad Men" issue, as well as the controversial Michele Bachmann and Princess Diana covers.
Brown said that the young entity was steadily building its brand, and hit back at reports of its losses. McFadden said that newsstand sales increased 15% while the company lost $30 million last year. Brown called the second estimate "excessive," but acknowledged that Newsweek/Daily Beast faces an uphill battle.
"We've cut a huge amount of costs here," she said. "But we're not making money yet, and we won't make money for another couple of years."
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Controversial magazine covers