The Obamas Sign New Book Deal Shattering Presidential Publishing Records
It has been reported that former President, and First Lady Barack and Michelle Obama, have signed a new book deal for their memoirs with Penguin Random House, for a reported $60 million dollars, after the bidding war for the former president’s book has finally concluded.
It was reported that Barack and Michelle Obama’s book deal has earned the largest sum as presidential memoirs go, beating out Bill Clinton, Hillary Clinton, and even George W. Bush with a $16 million dollar lead.
Of course, Barack Obama is no stranger to writing memoirs and this new book will surely not be the former President’s first published book. Barack has two published memoirs under his belt; Dreams From My Father: A Story of Race and Inheritance, originally published in 1995 with Times Books, and again in 2004 with Three Rivers Press, and The Audacity of Hope: Thoughts on Reclaiming the American Dream, which was published in 2006.
Obama also published a children’s book in 2010, Of Thee I Sing: A Letter to My Daughters. All post-tax proceeds from his children’s book have been donated to Fisher House Foundation, an organization that supports families of veterans.
Major publishing companies such Simon & Schuster, Macmillan, HarperCollins, and Penguin were in the fight to close the deal on the Obama’s new book. However, Penguin Random House was the winner.
Although both Michelle and Barack are writing separate books, they have decided to sell the rights together in a joint deal.
It was also rumored that within the deal, Penguin Random House agreed to donate 1 million copies of the book to First Book, a nonprofit organization dedicated to giving books to disadvantaged children.
ABC News reported that Barack’s memoir will focus on his presidency, as the former first lady’s memoir will be based on her life story and dedicated to inspiring the young.
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