Barack and Michelle Obama have reportedly signed a book deal for $60 million.
Penguin Random House became the book publisher that will publish the Obamas’ books after a “heated auction” between other publishers.
While the exact terms and details of the book deal have not yet been finalised or made public, sources familiar with the bidding process expect the bids to have reached nearly $60 million.
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According to The New York Times, Penguin Random House will reportedly have world rights to the memoirs. Worldwide sales of the Obamas’ books are expected to be “substantial.”
Chief Executive of Penguin Random House, Markus Dohle, released a statement saying, “We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama.
“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.”