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President Barack Obama and Michelle Obama Finalize Major Book Deals

The former president and former first lady have chosen Penguin Random House to publish their forthcoming books.
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After a heated bidding war among top publishers, former president Barack Obama and former first lady Michelle Obama have secured a deal with Penguin Random House for their upcoming books, according to the New York Times.

Though little has been revealed about the books or the agreement, one thing goes without saying: Penguin Random House forked over a very large chunk of change. Literary agents and industry experts have speculated that initial offers for Mr. Obama's book were between $18 million and $20 million. (To put that in context, former president Bill Clinton's memoir went for $10 million, while Hillary received an $8 million advance for hers.)

Penguin Random House has not yet announced whether or not the books will be written as memoirs, or which specific imprint will oversee publishing.

The Obamas will donate a portion of their earnings from book sales to charity. Penguin Random House, for its part, announced plans to donate one million books to charitable organizations in the Obama family's name.

There's no doubt the books will be a hit with Barack already a bestselling author of 1995's Dreams From My Father and 2006's Audacity of Hope. He reportedly received $500,000 for Dreams and $425,000 for Hope.

This story originally appeared on Townandcountrymag.com.
* Minor edits have been made by the Townandcountry.ph editors.

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