Barack Obama and Michelle Obama have signed a book deal, ending a bidding war that pushed the price above the $65 million mark.
Financial Times reports that Penguin Random House agreed to pay more than $65 million for global rights to two books, which will be written separately by Barack and Michelle Obama. The deal ends an auction that set a record for memoirs by U.S. presidents, the report notes.
The publication cites sources who were briefed on the auction. The publishing house would not comment on the fee, but confirmed Tuesday night that it had landed the deal.
The Los Angeles Times notes that while the Obamas are writing their books separately, they sold the rights jointly. The Hill reported that four major publishers were vying for the rights, with Penguin Random House competing against Macmillan, News Corp.-owned HarperCollins and CBS’s Simon & Schuster.
“As far as presidential book deals go, this one is by far the largest,” The Times notes. “Bill Clinton reportedly earned a $15 million advance for his post-White House memoir; George W. Bush’s garnered a reported $7 million.”