Former President Barack Obama and first lady Michelle Obama received bids for a book deal that has jumped to the price of $60 million. Penguin Random House was first in line with HarperCollins, Simon & Schuster, and Macmillan trailing not too far behind in the bid.
On Tuesday, Penguin Random House won the bid with their offer of $65 million for the rights to two books written by the former President and his first lady. According to the Financial times, both the books will be written separately by the couple but the rights to both books will be sold jointly.
The deal is the largest that has even been paid to a former president for his memoir. Knopf which is part of Penguin Random House only paid $15 million for Bill Clinton’s memoir “My Life” back in 2004. In 2010, Crown published former President George W. Bush’s book “Decision Points” for around $10 million.
Penguin Random House has already published prints of books by the Obamas. CEO Markus Dohle made a statement about their enthusiasm to work with them once again. He also made a statement saying:
“With their words and their leadership, they changed the world, and every day with the books we publish at Penguin Random House, we strive to do the same. Now, 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.”
It’s estimated that the dual book deal is the most anticipated of any former president and first lady. Former President Barack Obama has been credited as having a unique prose style when compared to recent presidents. Both his books “Dreams from My Father” and “The Audacity of Hope” have sold millions of copies.
It’s predicted that Michelle Obama will delve further into her time as first lady. The only book she has published, “American Grown” back in 2012 was about gardening.