Phillip Picardi, the high-profile editor of Out magazine, reportedly threatened to quit unless Pride Media owner Adam Levin started paying off freelance writers immediately.
If he follows through, it would mark the second big loss in a month for the publisher of LGBT titles The Advocate, Out and Pride.
Nathan Coyle, the CEO who recruited Picardi from Condé Nast in the fall of 2018, resigned in April to take a job running the Ford Modeling Agency after less than a year on the job.
Sources say that Levin has been trying to turn over his accounts receivables from uncollected advertising bills to an outside factoring agency in exchange for up-front cash to solve the cash crunch, but several deals in recent months fell apart at the last minute.
“It’s basically Adam and the company not coming up with the money they were promising,” said one insider.
The Daily Beast, which first reported Picardi’s blowup, said that the situation came to a head last week. “Phillip told Adam [Levin] that he couldn’t continue to work for him when he was exploiting queer people for their labor,” according to the Daily Beast.
Acting CEO Orlando Reece said Picardi remains on board, and he and Levin are trying to come up with a way to pay freelancers.
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