QUICK TAKES - March 20, 2009
President Obama, the bestselling 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 be suitable for middle school or young adult readers.
Crown Publishing Group is giving him a $500,000 advance plus 15% of the U.S. sales price for hardcover book sales and up to 10% for the domestic price for paperback sales.
As part of the deal, he also will deliver a new nonfiction book after he leaves office.
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