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Obama’s Book Deal A Record Sum For Presidential Memoirs

March 1, 2017

CNN Money reports that an unemployed man attempting to sell a book appears to have landed a smashing deal.  Penguin Random House won the auction for the memoirs of recent government employee Barack Obama. The bid for the global rights to two books by the former president and first lady reportedly reached more than $60 million.

It is unclear how much Penguin Random House ultimately paid for the two books. The parties involved declined to comment on the terms of the deal. But the FT said it amounted to “a record sum for US presidential memoirs.”

According to the publishers announcement, the Obamas “plan to donate a significant portion of their author proceeds to charity, including the Obama Foundation.”

Additionally, Penguin Random House will donate one million books “in the Obama family’s name.”

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