The Obamas have landed a $65 million deal for both their books. Former President Barack Obama and former First Lady Michelle Obama have already gotten a collective book deal from Penguin Random House, according to the publishing company on Tuesday, February 28, 2017. There had been bids from several different publishers, but Penguin Random House is the one the Obamas agreed to use for both of their books.
Usually, when a president leaves the White House, he is the only one to write a book. However, in the Obamas' case, both the president and the first lady will write their book.
Officials noted that Michelle Obama's book deal would actually be worth more than her husband's if they were to be published separately. So that everything could be averaged between the two books, both books have been included in a package deal.
Obamas' books deal
Penguin Random House has world rights for the books. Contenders included Crown, Doubleday, Random House and Alfred A. Knopf. Crown published Mr. Obama's three previous books, and Crown also published Mrs. Obama's only book, “American Grown,” about the White House garden.
Since Mr. Obama kept a journal the entire eight years while he was in the White House, it will be easy for him to write a memoir. His book will include stories about his wife, and surely her book will include information concerning her husband.
So, expect to see overlapping information written in their own style.
Publishing companies
The opening offers for Mr. Obama’s book alone were between $18 million and $20 million. Offers for Mrs. Obama's book had a much higher price tag. Both of them have agreed to donate part of their advances to charity, including the Obama Foundation in Chicago which needs $1.5 billion.
Other presidential memoirs
Books written by other former presidents were sold for much less. George W. Bush received $10 million for his memoir. Bill Clinton received $10 million for his book. Hillary Clinton received $8 million for her memoir. It is not a common practice for a former president and first lady to get a combined deal for their books like the Obamas have done.
