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Obamas Make Eight-Figure Book Deal

GOOD BLACK NEWS

Former President Barack Obama and Michelle Obama in Washington last year. They plan to donate a portion of the advances for their books to charity. (Credit: Drew Angerer for The New York Times)

article by Alexandra Alter via nytimes.com

Penguin Random House will publish coming books by former President Barack Obama and the former first lady Michelle Obama, the publishing company announced Tuesday night, concluding a heated auction among multiple publishers. The terms of the agreement were not disclosed, but publishing industry executives with knowledge of the bidding process said it probably stretched well into eight figures.

Robert B. Barnett and Deneen C. Howell of Williams & Connolly represented the Obamas. Penguin Random House acquired world rights to the books, and worldwide sales could be substantial. No decision has been made yet as to which of the company’s major imprints — which include Random House, Doubleday, Alfred A. Knopf…

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