Since Barack And Michelle Obama left the White House, major publishers the world over have been in a tense bidding war. This bidding war has finally finished, with Penguin Random House signing the rights for two books with the Obamas.
A record sum
Whilst the financial details of this deal have not been confirmed, it has been reported by the UK Financial Times publication that the deal could be more than $60 million, the highest deal ever secured for a presidential memoir.
In 2010,George W Bush was paid $10 million by The Crown Publishing Group for his book “Decision Points”, a book about major decisions Bush made during his presidency.
In 2004 Bill Clinton was paid $15 million for his autobiography “My Life”, published by Alfred A Knopf.
Therefore, assuming the deal gives Barack and Michelle Obama $30 million each, they have, separately, earned more than the book deals of the last two presidents combined. This is perhaps a testament to the enduring popularity of The Obamas which, unlike Bush and Clinton, had not diminished by the time they left office.
A literary history
Neither Barack or Michelle are strangers to writing books. Barack, even before becoming President had written two bestselling books: “Dreams of My Father” in 1995, and “The Audacity of Hope,” a memoir/political manifesto in 2006. Both books proved Barack Obama to be a very accomplished writer.
It is likely then Barack’s next book will be the conclusion to this thematic trilogy.
In 2012 Michelle Obama published “American Grown” a book extension detailing her addition of a vegetable plot in the White House garden and stories of other community gardens across the country. It is likely that her next book will be in the form of a memoir about her time as First Lady and as an advocate of healthy eating and female empowerment.
A statement by the publisher
Following the signing of the deal the CEO of Penguin Random House said:“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.”
There doesn’t seem to be an estimated date of publication yet, but we can rest assured that day will be a hugely significant one for the publishing industry.
