President and Mrs. Obama have about 60 million reasons to smile today, according to the Financial Times:
A blockbuster auction for the global rights to two books by Barack and Michelle Obama has reached more than $60m, according to people with knowledge of the sales process, a record sum for US presidential memoirs.
The Obamas are writing separate books but selling the rights jointly.
Several publishers including Penguin Random House, which published Mr Obama’s previous three books, and HarperCollins, which is owned by Rupert Murdoch’s News Corp, have expressed interest in the most hotly anticipated publishing deal of the year.
Some perspective on how this compares to other presidential book deal:
The sum offered would eclipse other book deals secured by departing presidents. Knopf, a division of Penguin Random House, paid $15m for the rights to Bill Clinton’s 2004 memoirs My Life when he left the White House, while George W Bush made an estimated $10m from his book Decision Points, which was published by Crown.
UPDATE: According to the New York Times, Penguin Random House won the bidding war for the worldwide rights to both books. The terms of the deal were not disclosed, but estimated to be worth “tens of millions.” There will be a nonprofit/charity component to the publication and the advances of both books.
The publisher plans to donate one million books in the Obama family’s name to First Book, a Penguin Random House nonprofit partner, and the Washington-based partner for the 2016 White House digital education initiative, Open eBooks. The Obamas also plan to donate a portion of their advances to charity, including the Obama Foundation.