Penguin Random House wins bidding war for Obamas’ books

obamas book deal

Penguin Random House has prevailed in a bidding war for a pair of books by Barack in addition to also Michelle Obama.

The books will not come out that will year. They are likely to be released in 2018, however there are no official publication dates yet.

The publishing house announced the book deal on Tuesday night. CEO Markus Dohle said the item would certainly work with the former first couple to “make each of their books global publishing events of unprecedented scope in addition to also significance.”

The announcement came a few hours after the Financial Times reported that will auction between several prominent book publishers had surpassed the $60 million mark.

the item will be unclear how much Penguin Random House ultimately paid for the two books. The parties involved declined to comment on the terms of the deal. however the FT said the item amounted to “a record sum for US presidential memoirs.”

According to the publishers announcement, the Obamas “plan to donate a significant portion of their author proceeds to charity, including the Obama Foundation.”

Additionally, Penguin Random House will donate one million books “inside Obama family’s name.”

The pair of Obama books will be published separately, however publishing houses vied for the rights to the books together.

Lawyer in addition to also literary agent Bob Barnett represented the couple inside joint book deal.

Former President Obama’s past books were published by Penguin Random House, so the fresh deal continues a two-decade-long relationship.

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Book deals are usually predicated on a publisher’s expectations about sales. Books by the Obamas are virtually guaranteed to be best-sellers, selling millions of copies in addition to also generating weeks of media attention.

Book industry bidding wars get competitive for various other reasons as well. The opportunity to be in business that has a famous figure like a former president will be a factor.

Another publisher, Crown, reportedly paid about $10 million for the rights to George W. Bush’s White House memoir.

CNNMoney (fresh York) First published February 28, 2017: 3:33 PM ET

Source : Penguin Random House wins bidding war for Obamas’ books

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