Which is to say, it simply means "something I do not like."
Ryan Murphy, the Glee showrunner, is angry at Newsweek for running a piece about gay actors playing straight characters. Murphy doesn't just disagree with the essay--he says it's "homophobic."
The only problem is that the piece's author is gay. So he may be wrong or stupid or loathsome or evil, but he probably isn't "homophobic." If he was, he wouldn't be very good at being gay.
48 minutes ago