The former President and First Lady have book deals.
On Tuesday, Penguin Random House announced that Barak and Michelle Obama have signed with them. The deals are estimated to be in the tens of millions of dollars although the financial details haven’t been published. Several publishers competed for the deal.
Penguin Random House declined comment on which imprint or imprints will release the books. Both Obamas have previously published through Crown, a Penguin Random House imprint.
A one of a kind book deal
Markus Dohle, Penguin Random House CEO, said in a statement: “We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama.”
“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,” he added.
A significant portion of the Obamas’ author proceeds will be donated to charity, including to the Obama Foundation. Barack Obama’s book is projected to be the largest advance for any ex-president, the previous record was held by Bill Clinton’s “My Life” which was an estimated $15 million.
The Obamas’ books are the most anticipated in memory from a former president and first lady. Both Obamas are widely popular with the public in the U.S. and abroad.
Barack Obama is considered a masterful prose writer. His two books “Dreams from My Father” and “The Audacity of Hope” sold millions of copies and are considered essential to his rise to the White House. Michelle Obama hasn’t elaborated on her time as first lady. Her only book, “American Grown,” released in 2012. is about food and gardening.
Knows details of the books
Penguin Random House didn’t give details, but the books will reflect on the Obamas’ White House years. 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, according to a publishing official with knowledge of the negotiations
Presidential memoirs haven’t influenced literature much, but it’s believed Barack Obama will change that. However, recent memoires by White House occupants have found avid readers; Clinton’s “My Life” and George W. Bush’s “Decision Points” were million sellers. While books by first ladies, such as Hillary Clinton’s “Living History,” have been dependable best-sellers.