Barack Obama Signs Post-Presidency Book Deal

by Jarrett Martineau | March 19, 2009 at 09:44 am

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President Barack Obama, who has already published two successful works of nonfiction, has signed a book deal to do a "youth-oriented" adaptation of his best-selling memoir "Dreams From My Father" that will be published after his presidency is complete.

Obama will also write a new nonfiction book in the deal and will receive an advance of $500,000 plus 15% of hardcover book sales and 10% of paperback sales.

Details of the projected royalties for these new works are not known, however, Obama will be following in the profitable footsteps of previous Presidents -- Bill Clinton's published memoir "My Life" has already earned the former President an incredible $15 million.

President Barack Obama, the best-selling author who received royalties of $2.5 million last year, has signed a deal for a youth-oriented version of his published memoir and a nonfiction book after he leaves office.

Obama reached a deal in early January, shortly before his inauguration, for an abridged version of “Dreams From My Father” that would suitable for middle school or young adult readers. Crown Publishing Group is giving him a $500,000 advance plus 15 percent of the U.S. sales price for hardcover book sales and up to 10 percent for the domestic price for paperback sales.

As part of the deal, he also will deliver a new nonfiction book after he leaves office.