WASHINGTON: Former US President, Barack Obama, and First Lady Michelle Obama have agreed to sign a mammoth book deal with Penguin Random House. The deal is expected to be worth more than a mammoth $60 million.
This is the biggest book contract that has been signed in the US market or anywhere in the world. But analysts are sure that the publisher is going to benefit immensely from the deal. For the New York based publisher this is not the first high value deal, but it is obviously the biggest deal that it has signed with any of its authors.
Under the deal, the former US President and the First Lady will write their memoirs that will be published by Penguin Random House. In a statement released to the media, “The company has acquired world publication rights for two books, to be written by President and Mrs Obama respectively”. The terms of the deal were not disclosed, but bidding for the high-profile double book deal topped $60 million, a record sum for US presidential memoirs, according to the Financial Times.
According to media, the deal was negotiated by Washington super-lawyer Robert Barnett who represented former presidents George W. Bush and Bill Clinton. As part of the agreement “the company will donate one million books in the Obama family’s name to First Book,” a charity, Penguin said. Obama has frequently declared himself to have a “writer’s sensibility” and has said he does not want to write a conventional blow-by-blow account of his time in the White House.
Penguin Random House CEO Markus Dohle who is super excited with the deal said, “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”.