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Barack And Michelle Obama Sign Book Deal With Penguin

Former President Barack Obama and his wife, Michelle Obama, have inked a $60 million deal with a book publisher.

Shortly after the Financial Times reported that the bidding for a joint publishing deal with the Obamas had surpassed $65 million, The New York Times revealed that the former president and former first lady have signed a deal with book publisher Penguin Random House.

Further details about the deal have not been disclosed at this time. Penguin Random House had an edge on the competition, as they have published Barack's three previous books, the Daily Mail reported.

"We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama," Markus Dohle, the chief executive of Penguin Random House, said in a statement. "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."

Under the deal, Penguin Random House will donate one million books in the Obamas' name. There is no set release date for either Barack or Michelle's memoirs at the moment.

It will reportedly be one of the highest paid book deals in history. James Patterson had previously received $150 million from Hachette in 2009 as part of a 17-book deal, according to the Daily Mail. That means Hachette received a little less than $10 million per book.

As for previous presidents, Bill Clinton was paid $15 million for his 2004 post-White House memoir "My Life," and George W. Bush reeled in a $10 million deal for his 2010 book "Decision Points."

Former Secretary of State Hillary Clinton inked a $14 million deal for her 2014 release of "Hard Choices," which chronicled her time at the State Department. She also received $8 million over a decade in 2001 for her first memoir, "Living History."

President Donald Trump received just $500,000 as an advance for his book, "The Art of the Deal," which he had to split with a ghost writer. He did however, earn millions in royalties, and the book went on to become a bestseller in 2004 when he launched the reality television series "The Apprentice" and again when he announced his candidacy for president in 2015.

Sources: The New York Times, Daily Mail / Photo credit: Obama White House/Flickr

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