The president is getting a $250,000 advance* plus a percentage of domestic book sales for the abridged version of "Dreams Of My Father," according to the Associated Press. According to financial disclosure reports filed this week and first reported by Congressional Quarterly, he took in $2.5 million last year in royalties from his two bestselling books.
The White House tells CBS News the arrangement should not be thought of as a book deal.
"It is just a license from Crown to the children's division covering the existing book," an official said. "They are abridging 'Dreams [From My Father]' for middle grade and young adults. He is approving the abridgement. Just like dozens of foreign licenses, for instance, that were issued for his books over the years. This was in the works for months -- finished the paperwork in January."
Compensation has not yet been worked out for the book Mr. Obama plans to write upon leaving office. Terms will likely be negotiated after his time in office ends; as the AP points out, Bill Clinton was paid $15 million for his memoir, "My Life."
*UPDATE: Following published reports, this post originally stated that Mr. Obama was getting a $500,000 advance. A White House official, however, emails CBS News to say that half that amount will go to the original publisher, Crown, for the right to abridge the book. So, technically, Obama will only receive a $250,000 advance plus a percentage of domestic sales.
In addition, the official says the nonfiction book was part of the original, multi-book deal reached years ago – the only change is that it will not be published until Mr. Obama leaves office.