President reached agreement a few weeks before his inauguration
The Associated Press - Thurs., March. 19, 2009
WASHINGTON - President Barack Obama, a best-selling author who received royalties of $2.5 million last year, will get hundreds of thousands more for a youth-oriented version of his published memoir and will write a nonfiction book after he leaves the White House.
Obama agreed in early January to deliver the new book after he leaves office, which could be in 2017 if he wins a second term. The White House said he already had a deal with Crown Publishing Group to write another book, and agreed Jan. 9 that he would produce the book after his term ends.
About a week later, shortly before his inauguration, Obama agreed to a $500,000 advance for an abridged version of "Dreams From My Father" that would be suitable for middle school or young adult readers, according to a new personal financial disclosure report released this week.
Obama will get $250,000 of the advance and the publisher will get the other half, a White House spokesman said Thursday, speaking on condition of anonymity because he was not authorized to be quoted by name.