New York (New York Post, Feb 28,2017): The bidding war over Barack and Michelle Obama’s book deal skyrocketed to more than $60 million before Penguin Random House was crowned the winner on Tuesday night.
The publisher announced that the pair had signed with them after reportedly delivering the highest bid earlier in the day.
“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,” Penguin Random House CEO Markus Dohle said in a statement.
The former president and first lady are writing separate books, but selling them together, according to the Financial Times.
Penguin Random House did not reveal any titles, publishing dates or other details about the works also were not immediately available.
By contrast, publishers only plunked down $15 million for Bill Clinton’s 2004 autobiography, “My Life,” and $10 million for George W. Bush’s memoir, “Decision Points,” according to past reports.
At least four publishing firms — including HarperCollins, Macmillan and Simon & Schuster — were vying for the rights, sources told the paper.
Penguin Random House has already published three other books by Barack Obama, including “Dreams from My Father,” which earned $6.8 million in royalties after it was released in 1995, The Hill reported.
Obama’s book “The Audacity of Hope” raked in $8.8 million as a bestseller in 2006, according to Forbes.