Validation Rule - Picklist being ignored

Question

I am trying to create a validation rule that has multiple sets of criteria, one of them being preventing the LeadSource picklist field from being blank. Below is my formula which for some reason still lets the record save even though the Lead Source picklist field is blank.

The goal of the validation rule is to run and validate:

• RecordType = "Management"
• Lead Status enters "Targeted" status
• Lead Source is Blank
• At Least Phone Number OR Email must be filled out.

AND(
  $RecordType.DeveloperName = "Management",
  ISPICKVAL(Status,"Targeted"),
  ISPICKVAL(LeadSource,""),

  OR( 
   AND(
    ISBLANK(Email),
    ISBLANK(Phone)
  )
 )

)

Answer 1

This update to the validation rule resolved my issue. This works by ensuring LeadSource is filled out and either the Email or Phone field has a value.

AND(

 $RecordType.DeveloperName = "Management",
 ISPICKVAL(Status,"Targeted"),

 OR(
   ISBLANK(TEXT(LeadSource)),
  AND(
   ISBLANK(Email),
   ISBLANK(Phone)
  )

 )

)