The editors of Pride Media’s LGBTQ publications Out and The Advocate, Phillip Picardi and Zach Stafford, along with its interim CEO, Orlando Reece, were all said to be exiting the company on Wednesday amid financial turmoil.
WWD reports: “[The exits come] after several rounds of layoffs, severe pay and budget cuts and a recent reduction in print frequency (to six issues from 10), along with ongoing issues of freelancers not being paid. It’s thought that Picardi is not going to another publication. … There is said to be no immediate replacements for any of the positions, although Reece and Stafford are expected to stay on through sometime in January. … More Pride executives are said to be stepping down, some with immediate effect and others over the coming weeks.”
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Pride Media is a holding company formed after Oreva Capital bought the titles in 2018. It’s not known whether the publications will continue into 2020. Oreva also owns High Times Holdings, which published the magazine High Times.
WWD adds: “Insiders are again speculating that a Chapter 11 bankruptcy filing or a Chapter 7 liquidation filing could be in consideration. Such a move would offer Pride an escape from mounting costs and any unpaid freelancer debts, debts to third parties (some of which have already sued Pride for payment), as well as any laid-off employees seeking agreed-upon severance payments.”