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00:00:00
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APPLAUSE
>> A bidding war to publish two upcoming books by former US President Barrack Obama and First Lady Michelle Obama has reportedly shattered records for memoir deals set by preceding presidents. The Financial Times, citing sources familiar with the auction, reporting that the Obamas have signed with publishing giant Penguin Random House for a whopping $65 million.
00:00:23
The paper says it's over six times what George W Bush reaped from his memoir Decision Points, that was $10 million. Bill Clinton in comparison took home 15 million for his book My Life in 2004. The two new books are to be written separately by Barrack and Michelle Obama and it's not clear yet what they'll be about or when they'll hit stores.
00:00:45
But the former President is assumed to cover his time in the White House. Two of his previous books, Dreams of my Father and The Audacity of Hope, were about his early life and world view respectively. Both were best sellers also published by Penguin Random House. It also published a third children's book he wrote, dedicated to his daughters.
00:01:04
Publishers HarperCollins which is owned by News Corp, and Simon and Schuster which is owned by CBS, were also reportedly in the battle to secure rights to the new books.