Penguin Random House has prevailed in a bidding war for a pair of books by Barack along with Michelle Obama.
The books will not come out This particular year. They are likely to be released in 2018, however there are no official publication dates yet.
The publishing house announced the book deal on Tuesday night. CEO Markus Dohle said the item could work with the former first couple to “make each of their books global publishing events of unprecedented scope along with significance.”
The announcement came a few hours after the Financial Times reported which auction between several prominent book publishers had surpassed the $60 million mark.
the item can be unclear how much Penguin Random House ultimately paid for the two books. The parties involved declined to comment on the terms of the deal. however the FT said the item amounted to “a record sum for US presidential memoirs.”
According to the publishers announcement, the Obamas “plan to donate a significant portion of their author proceeds to charity, including the Obama Foundation.”
Additionally, Penguin Random House will donate one million books “inside the Obama family’s name.”
The pair of Obama books will be published separately, however publishing houses vied for the rights to the books together.
Lawyer along with literary agent Bob Barnett represented the couple inside the joint book deal.
Former President Obama’s past books were published by Penguin Random House, so the fresh deal continues a two-decade-long relationship.
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Book deals are usually predicated on a publisher’s expectations about sales. Books by the Obamas are virtually guaranteed to be best-sellers, selling millions of copies along with generating weeks of media attention.
Book industry bidding wars get competitive for additional reasons as well. The opportunity to be in business which has a famous figure like a former president can be a factor.
Another publisher, Crown, reportedly paid about $10 million for the rights to George W. Bush’s White House memoir.
sy88pgw (fresh York) First published February 28, 2017: 3:33 PM ET