The Obamas Sign Multi-Million Dollar Book Deal
Former President Barack Obama and First lady Michelle Obama has signed with Penguin Random House, the publisher announced Tuesday. It was reported that there was a fierce auction among multiple publishers, but the Obamas settled with the conglomerate who published their previous books.
The terms of the agreement were not disclosed, but publishing industry executives with knowledge of the bidding process said it probably stretched well into eight figures. As a matter of fact, Financial Times reported that bidding reached more than $60m; which would make it a record amount for a US presidential memoirs.
In a statement released by Penguin CEO Markus Dohle, he stated that; “We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama,” he continued, “With their words and their leadership, they changed the world, and every day, with the books we publish at Penguin Random House, we strive to do the same. Now, we are very much looking forward to working together with President and Mrs. Obama to make each of their books global publishing events of unprecedented scope and significance”.
A publishing official with knowledge of the negotiations told Associated Press that, Barack’s book will be a straightforward memoir about his time as President of the United States while Michelle’s book will be aimed at inspiring young people with her life story. Interestingly, Barack kept a journal during his time in office, which suggests his memoir could include behind-the-scenes moments that were captured as major events unfolded.
Barack Obama is widely regarded as one of the finest prose stylists among modern presidents, and his million-selling “Dreams from My Father” and “The Audacity of Hope” are considered essential to his rise to the White House. It is reported that the couple plans to donate a “significant portion” of their author proceeds to charity, including to the Obama Foundation.
Penguin Random House, a global publishing house with more than 250 imprints, has worldwide rights to the books, which means the company can make a good deal of money overseas and in translation. According to the New York Times, These books could provide a chance to reframe and highlight the former president’s legacy, at a moment when a new Republican administration is making an effort to dismantle some of his signature legislation.