Obama Signs Book Deal For Post-Presidency Book





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. Obama didn't indicate how much his deal for the new book might be worth. Terms likely would be negotiated at the end of his term. Former President Bill Clinton got $15 million for his book, "My Life."

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