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Out magazine names Richard Perez-Feria editor

By
Keith J. Kelly
Published Feb. 28, 2020, 8:08 p.m. ET

Financially wobbly Pride Media has tapped a new editor of Out magazine and named two insiders to be co-editors-in-chief of The Advocate.

The appointments were made by Diane Anderson-Minshall, the third CEO at Pride Media in less than a year who concedes the company is catching up on payments racked up over the past year.

“We’re making payment plans and acknowledging our debts,” Anderson-Minshall said in an interview with the Post.

On Friday, as the company tries to right itself, it named Richard Perez-Feria as the editor of Out and promoted two insiders, David Artavia and Tracy Gilchrist, to the co-editors-in-chief of the Advocate.

“Not counting loans, we’re cash flow positive after we removed some expensive salaries,” Anderson-Minshall said.

The LBGTQ aimed publications are owned by private equity firm Oreva Capital, headed by Adam Levin, and have been wracked by financial problems almost from the moment it took over from Here Media in September 2017.

Perez-Feria, who in his past edited POZ and People en Espanol, replaces Phillip Picardi, a one time rising editor at Conde Nast, who suddenly resigned from Out in December just short of a year on the job.

Artavia and Gilchrist replaced Zach Stafford, who resigned with Picardi.

Orland Reece, who was the CEO only since April, also resigned in mid-December.

Not all the company’s problems are Oreva’s doing, however. When it was owned by Here Media, that company paid an outside production company, Grand Editorial and McCarthy Media, to handle the editorial. But the outside firm apparently did not pay many of the freelancers that helped it get the magazines out the door.

The National Writers Union entered the dispute and was able to recoup close to $80,000 to freelancers, but dueling lawsuits between Pride Media and Grand Editorial/McCarthy Media are still winding their way through the courts.

“LBGTQ publications have never been able to pay up to industry standards. I’ll be honest about that,” Anderson-Minshall acknowledged.

She also said that “we have a number of outstanding vendors. I don’t have the money to come in and wipe out all the debt, but I’m not ignoring them. We’re working out payment plans.”

Oreva is still said by sources to owe about $17 million to Chicago-based bank Ex-Works, which financed the deal with Here Media. Anderson-Minshall said she was aware that Ex Works is the banker but was unsure on the size of the outstanding loan to Oreva.

Levin, reached in Puerto Rico texted, “I don’t know where you are getting your information from as nothing is publicly available but your information is wrong.”