OPRAH Winfrey has inked a deal to publish a fitness book with her personal trainer Bob Greene in what industry insiders say is the richest nonfiction book deal in history, sources told On The Money.
While sources declined to give an exact price, these people said it is larger than the $12 million advance former President Bill Clinton got to write his autobiography, “My Life,” which was published by Knopf in 2004.
Oprah’s book will be published by Simon & Schuster in January, and the gathering of publishing types at the annual Book Expo America in Washington, D.C., this weekend was abuzz with speculation about “an embargoed book coming out in January,” according to a source.
Greene has written numerous health and fitness books, including “Bob Greene’s Total Body Makeover” and “The Get with the Program! Guide to Good Eating: Great Food for Good Health.”
The deal bumps Clinton to No. 2 on the list of richest nonfiction book contracts, with former Fed Chairman Alan Greenspan, who got an $8.5 million advance to write a memoir, slipping to No. 3.
A representative for Simon & Schuster was not immediately available for comment. David Vigliano, the book agent for Greene, could not be reached for comment.
LEFT HANGING
Irv Gotti, the rap mogul who was acquitted of money-laundering charges in a high-profile trial earlier this year, has become the latest person to be left high-and-dry by hedge fund manager Larry Goldfarb.
A couple months ago, Gotti, the rap impresario behind the record label Murder Inc., had nearly wrapped up a deal with Goldfarb to revive his music career.
Goldfarb, who runs the San Francisco-based hedge fund BayStar Capital, had agreed to put up close to $30 million to fund Gotti’s label. But recently, according to two sources familiar with the matter, he bailed on the deal and once again Gotti is looking for a deal that will put him back in the record business.
Universal Music’s Island Def Jam Records, the industry’s largest rap label, severed ties with Gotti’s label – which had switched its name from Murder Inc. to The Inc. for p.r. reasons – after he was indicted. Gotti is credited with nurturing the careers of artists such as Ja Rule and Ashanti.
It’s not the first time Goldfarb has made a promise he couldn’t keep. According to a deposition in a civil case, Goldfarb once promised to back record producer Quincy Jones in a $100 million bid to buy Vibe Magazine.
“Shortly thereafter, Mr. Goldfarb disappeared and Mr. Jones was not able to contact him,” Steve Lamar, a former business partner of Goldfarb’s, said in a deposition.
UA DEAL
In a deal that could create a new indie powerhouse in Hollywood, three groups of investors are vying to gain control of MGM’s fabled film studio United Artists.
The three groups, each backed by hedge fund money, are headed by former 20th Century Fox boss Bill Mechanic, The Firm’s Jeff Kwatinetz, and former Warner Bros. exec Lorenzo di Bonaventura.
Under the terms being discussed, according to sources, MGM would sell off a stable of film titles – which would number under 100 – plus the UA name for more than $500 million.
While it is still unclear whether MGM management will ultimately sell, any buyer would also have to agree to spend a certain amount each year – said to be close to $1 billion – to produce new movies under the UA moniker. These films would likely be distributed by Sony, which is a part-owner of MGM.
UA was founded by Charlie Chaplin, Douglas Fairbanks and Mary Pickford in 1919.
INSIDE VONAGE
Opening the hood on Vonage, the Internet-phone pioneer, prior to its coming initial public offering, has revealed lots of things – not all flattering.
The first thing that catches the eye of the discerning investor is that since 2001, according to its S-1 filing, Vonage has had to spend $401 million to get $488 million in revenue, reports The Post’s Roddy Boyd. The second is that its “churn rate” – the amount of customer turnover – increased to 2.1 percent from 1.7 percent because of “less than satisfactory customer care.”
But buried deep within the S-1 is the real nugget: Vonage founder and Chairman Jeffrey Citron might have an agenda that doesn’t necessarily align with the people who buy his company’s stock.
To quote: “Mr. Citron’s interests may not always coincide with the interests of other holders of our common stock.”
A Vonage spokeswoman declined comment when The Post asked for an explanation. Also of note: A description of Citron’s roles and duties at the firm was included in the “risks” section.
It bears mentioning that Citron paid a $22.5 million SEC fine for allegedly manipulating the price of stocks when he was at Datek.com. As part of his settlement, he cannot hold the title of president or chief executive officer of a publicly traded company.
Instead, at Vonage, he will be “chief strategist.”