Penguin Random House has announced that it will be publishing the upcoming books that will be authored by the former US President, Barack Obama and United States’ former first lady Michelle Obama. This news was revealed on Tuesday in a heated auction that took place amongst multiple publishers.
Till now, the terms and conditions of the agreement that has been prepared have not been disclosed; however, executives from the publishing industry have said that the bidding price is approximately in 8 figures.
Penguin Random House has already acquired the rights of the world pertaining to the books, and this could bring about substantial sales all across the world. The major imprints of the company like The Crown, Alfred Knopf, Doubleday and Random House have not been finalized yet. In the past, The Crown had published both Mr. and Mrs. Obama’s books.
The publishing industry has been recently speculating about the books authored by the Obamas and various executives of different publishing houses are meeting with the former president on this context. Some sources have revealed that the opening offer of the book written by Obama was in the range of 18 million dollars – 20 million dollars.
The publishers have planned to donate 1 million books to the non-profit organizations like First Book and to Open e-books, the digital education program of the White House. The revenue generated from the books will be donated to the Obama Foundation and other charity.
Penguin Random House’s chief executive, Markus Dohle said that they are very thrilled to continue their publishing partnership with Barack Obama. He also added that they are driven by the goal of bringing about a change in the world with the words they publish and the presidency of Obama is a similar thing. He said that the publishing house will carry out all measures necessary to make the books of the Obamas attain tremendous significance and scope.
The former president, Barack Obama has previously also authored various books like The Audacity of Hope, Dreams from My Father and Of Thee I Sing. Each of these books sold almost 4 million copies. Sources say that he had earned nearly 10 million dollars from these books. The books also received a great review as many of the experts called his writing style to be a style of gifted prose.
However, this book has been under more speculation because it is a book on post presidential events, which are likely to be better commercial hits than the previous books.
Though no details about the contents of the books have been revealed so far, most people expect that the book might contain the behind scenes during the presidency and may contain excerpts from the journal that the former president, Barack Obama maintained during his presidency.