Barack and Michelle Obama Sign Book Deals Valued Around $60 Million
The bidding for the rights to books written by former President Barack Obama and first lady Michelle Obama finally came to an end after the former First Couple agreed to a reported $60 million deal with Penguin Random House.
Penguin Random House published three other books by Barack Obama, which include bestsellers, "Dreams from My Father" and "The Audacity of Hope". The publishing house is looking forward to adding Michelle to its ranks, as she reportedly is who the people are waiting for.
The deal's hefty price tag is partly associated with projected foreign book sales. Both Obamas are widely popular with the public in the U.S. and abroad. According to The Financial Times, once this deal is in effect it is expected to shatter the record for presidential memoirs.
The rights to books written by Bill Clinton and George W. Bush sold for $15 million and $10 million, respectively.
Titles and release dates haven't been announced yet , but the books will reflect on the Obamas' White House years, although Penguin Random House declined to give further details. A publishing official with knowledge of the negotiations said that Barack Obama's book will be a straightforward memoir about his presidency, while Michelle Obama plans to write an inspirational work for young people that will draw upon her life story.