Business

TRUMP DUMPS PREMIERE, MOVES HIS MAG TO OCEAN DRIVE

Donald Trump is walking away from Premiere Publishing Group – and taking his eponymous magazine with him.

The Donald is expected to announce tonight that his magazine will link up with Jerry Powers and Ocean Drive Media to publish a new magazine called Trump Life. Premiere had published Trump Magazine for three years.

Like the previous version published by Premiere, Trump Life will be sold on newsstands and be given out free at hotels, condos and golf courses bearing the Trump name. Ocean Drive Editor-in-Chief Glen Albin will do double duty as the editor of Trump Life, which will come out quarterly starting with a November issue.

Powers said he has a five-year, $20 million “partnership deal” with Trump but refused to provide details on the partnership.

Money-losing Premiere, which also publishes Poker Life, has been besieged by vender complaints about not being paid, a massive debt load and a thinly-traded stock that has eroded in value. Trump owned about 3.7 million shares in the troubled company – the same amount of shares held by CEO Michael Jacobson.

According to its latest filing with the Securities and Exchange Commission, Premiere between May 1, 2004, and June 30, 2007, booked a net loss of $6,911,538. For the quarter ended June 30, the company reported a net loss of $769,889 on $90,671 in revenue.