Barack and Michelle Obama have book deals. The former president and first lady have signed with Penguin Random House, the publisher announced Tuesday. Financial terms were not disclosed for the books, which several publishers had competed for, although the deals are likely in the tens of millions of dollars, the AP reports. (Sources tell Politico the auction for rights to the books went higher than $60 million.) Both Obamas have published through Crown, a Penguin Random House imprint. But Penguin Random House declined comment on which imprint or imprints the books would be released through. "We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama," Penguin Random House CEO Markus Dohle said in a statement. "With their words and their leadership, they changed the world."
The Obamas plans to donate a "significant portion" of their author proceeds to charity, including to the Obama Foundation. Barack Obama's book is a strong contender to attract the largest advance for any ex-president; the previous record is believed to be $15 million for Bill Clinton's My Life. Titles and release dates for the Obamas' books were not immediately available. They will reflect on the Obamas' White House years, although Penguin Random House declined to give further details. A publishing official with knowledge of the negotiations said that Barack Obama's book will be a straightforward memoir about his presidency, while Michelle Obama plans to write an inspirational work for young people that will draw upon her life story. (Read more Barack Obama stories.)