Pride Media, which owns LGBT brands OUT
magazine and The Advocate, on Wednesday announced three
high-profile departures.
According to NBC News, OUT
Editor Phillip Picardi, Advocate Editor Zach Stafford, and
Pride Media interim CEO Orlando Reece have stepped down.
In an email to this staff, Picardi
wrote that it had been an “honor” to helm OUT.
“I believe that LGBTQ+ media deserves
the best – and that's what our team gave it while we had the
chance,” he said.
One employee who did not wish to be
identified said of the departures: “Personally, I'm pretty
stunned.”
“The three highest-ranking members of
a company all leaving in one day is just a lot to process, so I'm
still wrapping my mind around it,” the employee said.
NBC
News reported that the departures were related to
finances, specifically unpaid invoices to freelance journalists.
Twenty-five freelancers have joined a
lawsuit against Pride Media. They allege that Pride Media owes them
over $40,000.
Over the last year, two LGBT outlets,
UK-based Gay Star News and INTO, have folded.