Penguin Random House announced on Tuesday night that the publication will publish books by both former President Barack Obama and the wife Michelle Obama. This announcement ended a competitive auction between many publishing houses.The specifics of the agreement terms have not been shared, but publishing industry executives said that the bidding process most likely involved well into eight figures. The publication house obtained international rights to the books. A spokeswoman for Penguin Random House could not report whether or not the books will be memoirs.
The book deal may have been made at a high price, but the publisher is going to donate a high number of books, one million, to Open ebooks and First Book. In addition, the Obamas are wanting to donate some of their profits to the Obama foundation and other charities.
Obamas' book expected to be a hit
Although the previous recent presidents and first ladies have acquired extremely high advances, the Obamas' are likely to exceed those figures. The fact the Obamas' made the book deal together for their memoirs is highly unusual. However, it is very likely that the books will be published by different imprints of the Penguin Random House. This choice is wise on the part of the publication house because it will help the company cover the cost of such a large advance.
Mr. Obama has already published three bestsellers: "Dreams from my father," "The audacity of hope," and "Of thee I sing." Together, these books have sold over four million copies and attracted rave reviews for his talented prose style. Mr. Obama accrued upwards of $10 million dollars from his books so far as reported by financial disclosures.
Mr. Obama has even more of a chance at creating a hit now that his presidency is done.
Intimate snapshots of major events in the White House may be a part of his new book as Mr. Obama kept an extensive journal while in office.The state of race relations in America, as well as candid words about his time as president, could cause Mr.
Obama's to be appealing to a varied audience. Because of Penguin Random House's global presence- the company has more than 250 imprints, and the worldwide impacts of this book could be even more influenced by translations.
Book more valuable than money
Considering the new Republican administration's attempts to disband much of the done during Mr. Obama's presidency, the books could prove to be even more valuable to the Obamas than the multimillion dollar advances.
