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Prince Harry and Meghan Markle are once again expanding their business and media empire – more than a year after leaving the royal family.
Building on the momentum of the couple’s hit TV interview, Prince Harry has confirmed he will be releasing a memoir with Penguin Random House, slated for a 2022 release date.
This week, Page Six reported that Harry is expected to earn at least $ 20 million up front from the deal, though the royal said on Monday he would donate all profits to charity.
It is not known at this time whether or not he will keep the announced multi-million dollar advance, Page Six said.
“I am writing this not as the prince I was born but as the man I have become,” Harry said in a statement. “I have worn many hats over the years, literally and figuratively, and I hope that by telling my story – the ups and downs, the mistakes, the lessons learned – I can help show that little no matter where we come from, we have more in common than we think. “
Harry reportedly told the palace about his upcoming memoirs, although sources say he would not have needed their permission to publish the article.
Meanwhile, Meghan Markle recently published her children’s book, “The Bench,” via Random House Books for Young Readers last month.
Yahoo Finance has reached out to Prince Harry and Penguin Random House for comment, but has yet to receive a response.
The move comes after the couple made several announcements earlier this year, including a new partnership with Procter and Gamble (PG) – the same company that a young Meghan Markle called for sexist ads 28 years ago.
The multi-year global initiative has been made public through the couple’s Archewell Foundation and is expected to “focus on gender equality, more inclusive online spaces, as well as resilience and impact through sport.” A financial deal has not yet been disclosed.
Additionally, Prince Harry’s highly anticipated Apple TV + (AAPL) series with Oprah Winfrey – titled “The Me You Can’t See” – was released on the streaming platform on May 21.
In the series, Winfrey and Harry, who are co-creators and executive producers, lead discussions about mental health with high profile guests including Lady Gaga, Glenn Close, DeMar DeRozan of the San Antonio Spurs, celebrity chef Rashad Armstead. , and more.
The news follows Harry’s hiring as impact manager at San Francisco-based mental health startup BetterUp.
At this time, there are no details on his compensation or employment contract, although the Wall Street Journal reports that he will join the company’s management team as a “company executive.”
BetterUp, which serves more than 300 companies including Hilton, NASA, Chevron, Mars, Genentech, Snap Inc. and Warner Media, raised $ 125 million in its last fundraising round, valuing the company at an impressive 1, $ 73 billion.
BetterUp’s growth means there is more wealth to share for Prince Harry, which puts him further on the path to financial independence.
In addition to BetterUp, Harry also served a six-month role as commissioner for the new Commission on Information Disorders at the leading nonprofit Aspen Institute. Journalist Katie Couric, Color of Change president Rashad Robinson and former director of the US Agency for Cyber and Infrastructure Security Chris Krebs are all agency co-chairs. It’s unclear if Harry will be paid for the part-time gig.
And then there are the couple’s media and investment deals.
In December, the couple signed a 3-year podcast deal with Spotify (SPOT) for an estimated $ 15-18 million. That same month, Markle invested an undisclosed amount in powdered oat milk latte startup Clevr Blends – his first public personal investment, according to Fortune.
Yet it was their 5-year deal with Netflix (NFLX) that generated the most buzz, with several reports indicating the deal could be valued at $ 100 million.
Combined with the duo’s various appearances, which are said to cost around $ 1 million, the couple are set to build a $ 1 billion mark as mental health advocates, content creators and venture capitalists.
Financial impact of the royal departure
The couple’s polarizing departure from the Windsor house may actually fuel interest in the couple’s burgeoning business ventures. Yet, with the prince relinquishing his royal duties, it’s unclear how much – if any – he will continue to receive from the royal family.
Prior to their new round of deals, the couple’s combined net worth stood at $ 10 million, according to Forbes, with a significant portion of them being in their California mansion’s equity of nearly $ 15 million. For context, Queen Elizabeth II is worth around $ 500 million.
Prince Harry inherited around $ 10 million from the estate of his late mother, Princess Diana, and Meghan Markle contributed around $ 2 million (after tax) to her various works as an actress.
The sovereign grant, partly funded by UK taxpayers, previously contributed 5% of the couple’s total income. It is currently used to fund and support the Queen’s official functions, including travel, security, personnel, and building maintenance.
The remaining 95% of their income came from the Duchy of Cornwall, a private estate account maintained by Prince Charles. The estate is valued at around $ 1.2 billion, with Prince Charles receiving around $ 28.3 million to distribute to his family.
Alexandra is a producer and entertainment correspondent at Yahoo Finance. Follow her on Twitter @ alliecanal8193
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