On Tuesday night, Penguin Random House announced an Obama's book deal reportedly worth $65 million and stated that they will publish a series of books by the former President Barack Obama and wife Michelle Obama. A bidding war was going on between many top publishers, but Penguin Random House closed the deal.
The largest payment for a presidential memoir
The Financial Times reported the $65 million figure and if it is correct, it is the largest payment for a presidential memoir in the history of publishing. The Obama's book deal was announced by the publishing house.
The amount will be paid by the publisher for the global rights to two books that will be written by Barack Obama and his wife Michelle Obama.
$15 million was paid for former President Bill Clinton’s memoir
Knopf, a division of Penguin Random House paid $15 million for former President Bill Clinton’s memoir titled “My Life” in 2004, whereas, George W. Bush was paid around $10 million by Crown in 2010 for his book “Decision Points.”
The CEO of Penguin Random House, Mr. Markus Dohle said that they are very happy to continue their publishing partnership with the Obamas, by closing the book deal. He added in his statement that the Obamas changed the world with their words and leadership qualities and that is exactly what Penguin Random House is trying to do every day.
He continued that the Penguin Random House was looking forward to working with Barack Obama and Michelle Obama and make their books a global publishing event of unmatched scope and importance.
High expectations from the Obamas book deal
David Axelrod, who was the chief strategist for Barack Obama’s presidential campaign, said on his podcast that there are high expectations from Obama’s memoirs.
Typically, memoirs are polite and discrete in nature, even though they sell well. But, according to Axelrod, people have high expectations because of the Obama’s writing ability and they believe it will be one of the best memoirs ever to be written by a former White House occupant.
Barack Obama is noted for having serious writing skills and has already said that he used to take notes during his presidency in preparation to telling his story.
Experts believe people are waiting to read this book as Barack Obama has already written two books, so they know how good he is at writing. People are also ready to listen to whatever Michelle Obama has to say.
The publishing giant has not disclosed any other details of the Obama's book deal and only made it clear that the deal was closed for $65 million.
