In 2017, Penguin Random House won the rights to publish Barack Obama’s memoir (A Promised Land) and Michelle Obama’s memoir (Becoming) in a joint agreement. The reported value of that publishing deal was over $60 million, one of the largest nonfiction book contracts ever signed.
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Becoming (Michelle’s book) has sold over 15 million copies worldwide.
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A Promised Land (Barack’s book) has sold more than 5 million copies worldwide since release.
So the $60M was essentially the advance paid for their copyrights/rights to publish, and royalties continue to flow after certain sales thresholds are met.
