Penguin Random House on Tuesday said it beaten several other top global publishers to land book deals with former United States President Barack Obama and former First Lady Michelle Obama. While the particulars of the agreements have not been disclosed, industry insiders said the figure is “possibly well into eight figures”, the New York Times reported. Several publishing houses had bid fiercely for the contract, The Guardian reported.
The company confirmed there will be two books – one written by each of the Obamas, though it is unclear whether they will be memoirs. The advance for Barack Obama’s book is likely to be higher than for any other former president – Bill Clinton received $15 million (approximately Rs 100 crore today) for his. A large part of the proceeds is expected to go towards charity.
“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,” said the company’s Chief Executive Officer Markus Dohle.
An imprint of Penguin Random House, Crown, had previously published several books by the couple. Barack Obama’s Dreams From My Father and The Audacity of Hope had sold millions of copies and were praised for their writing. The only book Michelle Obama has written so far is American Grown, a book on gardening.