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Michelle Obama's Memoir Pays Off for a German Media Giant
By Stefan Nicola
March 26, 2019, 5:30 AM EDT Updated on March 26, 2019, 7:32 AM EDT
Obama’s memoir ‘Becoming’ sells almost 10 million copies
Bertelsmann also seeks to build local video streaming leader
Former First Lady Michelle Obama’s best-selling memoir helped boost revenue last year at German media giant Bertelsmann SE to the highest in more than a decade.
Bertelsmann’s Penguin Random House sold nearly 10 million copies of “Becoming,” the account of Obama’s journey from Chicago’s South Side to the White House. That helped lift Bertelsmann’s total sales to 17.7 billion euros ($20 billion), the highest since 2007.
“We believe this could become the most successful memoir ever,” Bertelsmann Chief Executive Officer Thomas Rabe told reporters Tuesday in Berlin.
The book’s strong sales are a boon for Rabe’s strategy to bet big on publishing after Bertelsmann bought a 22 percent share in Penguin Random House from Pearson Plc for about $1 billion in 2017, raising its stake to 75 percent.
more
https://www.bloomberg.com/news/articles/2019-03-26/michelle-obama-helps-german-media-giant-to-best-sales-since-2007
