President Barack Obama and the former first lady Michelle Obama have agreed to sign a new book deal with Penguin Random House, bringing a heated bidding war among multiple publishers to an end.
The company announced Tuesday night that they’ve acquired the world publication rights for two books to be written by President and Mrs Obama, respectively.
While the financial terms of the deal are yet to be disclosed, the BBC report that the deal is believed to be worth over $60 million ($AUD 78m approx.).
“We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama,” Markus Dohle, the chief executive of Penguin Random House, 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 President and Mrs. Obama to make each of their books global publishing events of unprecedented scope and significance.”
A spokesperson for Penguin Random House explained that the two-book deal will reflect on the Obamas’ White House years but declined to confirm or deny speculation of a memoir, choosing instead to deflect questions to representatives of the Obamas.
The deal has been secured as the new administration attempts to dismantle some of Mr Obama’s signature legislation.
Books penned by first ladies are known to be dependable best-sellers, with Hillary Clinton’s Living History selling more than one million copies in the first month following publication.
In true Obama style, the philanthropic pair plan to donate a large portion of their advances to their charity, the Obama Foundation.
Penguin Random House will also donate one million books in the Obama family’s name to two charities which strive to provide books to the homes of in-need children – First Book and Open eBooks.
The lucrative book deal is believed to be the largest advance ever received by an ex-president.
In 2010, Barack’s predecessor George W Bush signed a $13m ($AUD 17m approx.) deal for his book titled, Decision Points, while fellow Democrat and former president Bill Clinton earned $19m ($AUD 24m approx.) for his 2004 memoir My Life.
Mr Obama, 55, has already penned the best sellers Dreams from My Father and The Audacity of Hope, while wife Michelle, 53, has written a book about the White House garden, entitled American Grown.
We look forward to learning the direction and shape of these no doubt best-selling books.
