Obamas Snag Book Deal w/ Penguin Random House
The terms of the agreement were not disclosed, but it is speculated that the deal was in eight figures.
No decision has been made yet as to which of the company’s major imprints — which include Random House, Doubleday, Alfred A. Knopf and Crown — will publish the books.
Some publishing executives who followed the bidding process said that the opening offers for Mr. Obama’s book alone were in the $18 million to $20 million range.
The publisher plans to donate one million books in the Obama family’s name to First Book, a nonprofit organization that provides books to disadvantaged children, and Open eBooks, the Washington-based partner for the 2016 White House digital education initiative. The Obamas also plan to donate part of their advances to charity, including the Obama Foundation.