Bidding war to secure Barack and Michelle Obama's books already reaching record breaking levels
A bidding war has broken out among major publishers to secure the rights for memoirs of former US President Barack Obama and his wife Michelle, with offers in excess of $60m already reported to be on the table.
The Financial Times are reporting that major publishers such as Harper Collins, Simon & Schuster, Macmillan and Penguin Random House are battling to sign up the deal to publish the books that are expected to reveal all about the Obamas' remarkable eight years in the White House.
Penguin are tipped to be in pole position to secure the rights after publishing Barack Obama’s last three books, with the deal set to set a new record advance for a book deal.
Bill Clinton was paid $15m for his book that was released in 2004, while his successor George W Bush secured a $10m deal for his memoirs.
Those financial packages now look to be dwarfed by the deal for the Obama’s, with interest in Michelle’s book adding to the interest in what will be one of the most eagerly anticipated releases in literary history.
Obama’s Audacity of Hope book outlining his vision for America became a No.1 best seller before he became President, but the story of his turbulent time in Washington’s hottest seat looks set to be one of the biggest selling books of all-time.