The Obamas Sell The Rights To Their Memoirs After Heated Bidding War
Several major book publishers had reportedly engaged in a $60-million bidding war for the rights to Barack and Michelle Obama’s memoirs.
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Barack and Michelle Obama have sold the rights to their memoirs, according to announcement Tuesday, ending what had reportedly been a heated bidding war.
Financial terms of the deal with Penguin Random House were not disclosed, but the publisher said it will donate one million books to a nonprofit partner for the 2016 White House digital education initiative, Open eBooks. The Obamas also plan to donate a significant portion of the proceeds to charity, including the Obama Foundation, the publisher announced.
Securing the rights to the memoirs had sparked a bidding war that reached over $60 million, according to the Financial Times.
Barack Obama and his wife, Michelle, wave to the crowd as they board an Air Force jet to depart Andrews Air Force Base as the outgoing first family.
Steve Helber / AP
The competition had reportedly included HarperCollins, Simon & Schuster, and Macmillan. CNN also reported that it had confirmed the bidding war.
Penguin Random House CEO Markus Dohle said in a statement that they were "absolutely thrilled" about securing the Obama memoir rights, noting that "with their words and their leadership, they changed the world.
"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," he added.