Former President Barack Obama is making good on two goals he set after leaving the White House on January 20.
One was to go on vacation with Michelle, while the other was to write a book.
According to the Financial Times, Penguin Random House outbid several other competitors including, HarperCollins and Simon & Schuster. The deal acquires the rights to two separate books written by the couple, who sold the rights jointly.
The publishing company reportedly paid over $65 million for the deal, but declined to comment on the actual amount, the outlet reports.
“We are absolutely thrilled to continue our publishing partnership with the president and Mrs Obama. With their words and their leadership, they changed the world,” Markus Dohle, chief executive of Random House, said.
Penguin Random House published the three best-sellers written by Barack Obama, “Dreams From My Father,” “The Audacity of Hope,” and “Of Thee I Sing.”
Michelle Obama’s 2012 book, “American Grown,” also made the best-sellers list and was published by Crown, an imprint under Penguin Random House.
Though the Obamas aren’t first time author’s, their publishing deals set precedent for former presidents and first ladies:
The New York Times writes:
“President Bill Clinton sold his memoir “My Life” for more than $10 million, and Hillary Clinton reportedly received an $8 million advance from Simon & Schuster for her memoir “Living History.” George W. Bush’s memoir “Decision Points,” became a hit, selling about two million copies and earning him an estimated $10 million.”
Obama’s new book may cover his eight years in office with a behind the scenes vantage view, The Times suggests. He reportedly kept a detailed journal during his tenure as president.
Penguin Random House has vowed to donate one million books to non-profits First Book and Open eBooks, while the Obamas plan to donate a portion of their advance to charity, The Times reports.
SOURCE: Financial Times, The New York Times
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