BREAKING NEWS

Penguin Random House lands Obama book deal

By REUTERS

MARCH 1, 2017 04:58

Penguin Random House has landed a deal to publish two forthcoming books by former US President Barack Obama and the former first lady, Michelle Obama, with one volume to be written by each, the publishing company said on Tuesday.

Terms of the agreement, in which Penguin Random House acquired worldwide publication rights for the two books, were not disclosed.

But in keeping with their past practice, the Obamas plan to donate a "significant portion of their author proceeds to charity," including the Obama Foundation, the publisher said in a statement.

The deal followed a heated auction for global rights to the two books with bidding that reached more than $60 million, a record sum for US presidential memoirs, the Financial Times reported, citing people with knowledge of the sales process.

By comparison, fellow Democrat and former President Bill Clinton earned $15 million for rights to his 2004 memoir "My Life" after he left office, while Obama's immediate predecessor, Republican George W. Bush, reaped some $10 million from his book "Decision Points," according to the Financial Times. Those books were published by Penguin Random House division Knopf and by Crown, respectively.

Penguin Random House also published Obama's three previous books -- "Dreams of My Father," "The Audacity of Hope," "Of Thee I Sing: A Letter to My Daughters."

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