The Obamas Sign Book Deal Worth Over $65m

Former US President Barack Obama and former first lady Michelle Obama announced Tuesday that they have each signed book deals with Penguin Random House worth over $65 million, after a fierce bidding war among publishers that jostled for the memoirs.

Barack Obama’s book will be a “straightforward memoir about his presidency,” according to the Associated Press. Michelle Obama “plans to write an inspirational work for young people that will draw upon her life story,” the AP said, quoting anonymous sources within the publishing world.

“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,” Random House CEO Markus Dohle said in a statement.

The terms of the contract have not been made public but the Financial Times reported that the Obamas will be paid at least $65 million, which is an unprecedented amount for presidential memoirs (although details were not available on how much each author will receive individually).

Former President Bill Clinton had held the record after he recieved §15 million for My Life from Knopf.Clinton’s book wound up selling more than 1.2 million copies, according to CNN

Michelle Obama on her own has published one book, American Grown, which was about food and gardening and the anti-obesity campaign she promoted as first lady. It was published in 2012.

Below is the full release from Penguin Random House:

In support of the mission of The Obama Foundation and Penguin Random House’s own commitment to social responsibility, the company will donate one million books in the Obama family’s name to First Book, a longstanding Penguin Random House non-profit partner and the Washington, DC-based partner for the 2016 White House digital education initiative, Open eBooks. First Book is dedicated to promoting equal access to education by providing new books, learning materials, and other essentials to children in need in the United States and Canada. Consistent with their past practice, the Obamas also plan to donate a significant portion of their author proceeds to charity, including the Obama Foundation.