Former US President Barack Obama and his wife Michelle have agreed a book deal with Penguin Random House.
The publishing company revealed the Obamas book deal in a statement saying that the company acquired world publication rights for two books which would be written by the President and his wife respectively.
”We are absolutely thrilled to continue our publishing partnership with (the) President and Mrs. Obama,”
Penguin Random House’s CEO Markus Dohle said in a statement.
”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 (the) president and Mrs. Obama to make each of their books global publishing events of unprecedented scope and significance.”
The statement, however, failed to reveal the exact financial terms of the Obamas book deal, which was described as ”the most hotly anticipated publishing deal of the year,” which several publishers competed for.
Financial Times reported that the bidding for the Obamas book deal went above $60m – a record amount for US presidential memoirs.
The rumored $60m figure dwarfs former president Bill Clinton’s $15m fee for the rights to his 2004 memoir ‘My Life’ and George W Bush’s $10m for his 2010 book ‘Decision Points’.
The record fee for the Obamas book deal was negotiated by Robert Barnett and Deneen Howell of Williams & Connolly.
Robert Barnett has had significant experience is negotiating book deals having worked on both Bill Clinton and George W Bush’s books as well as Hillary Clinton and Laura Bush’s deals.
Reports suggest that the Obamas plan to donate significant portions of their record fee to charity organizations like the Obama Foundation.
Barack, author of the bestsellers ‘Dreams from My Father’ and ‘The Audacity of Hope’ will be looking to achieve a high level of success with his new White House memoir. His wife Michelle has also had considerable experience in writing having published ‘American Grown’ in 2012.
Titles and release dates will be disclosed at later dates.