Former U.S. President Barack Obama and wife Michelle Obama have reportedly agreed to write two more books with publishers Penguin Random House for $65 million, after a bidding war that blew away similar deals set by predecessors. Matthew Larotonda reports.
A bidding war to publish two upcoming books by former U.S. President Barack Obama and first lady Michelle Obama has reportedly shattered records for memoir deals by preceding presidents. The Financial Times, citing sources familiar with the auction, reporting that the Obamas have signed with publishing giant Penguin Random House for a whopping $65 million. The paper says it's over six times what George W. Bush reaped from his memoir, "Decision Points". That was $10 million. Bill Clinton, in comparison took home $15 million for his book, "My Life," in 2004. The two new books are to be written seperately by Barack and Michelle Obama and it's not clear yet what they'll be about or when they'll hit stores. But the former president is assumed to cover his time in the White House. Two of his previous books, "Dreams of My Father" and "The Audacity of Hope" were about his early life and world view respectively. Both were best sellers also published by Penguin Random House. It also published a third children's book he wrote, dedicated to his daughters. Publishers Harper Collins, which is owned by News Corp, and Simon and Schuster, which is owned by CBS, were also reportedly in the battle to secure rights to the new books.