Barack and Michelle Obama Sign Record-Setting Book Deals

Barack and Michelle Obama have both signed book deals worth over $60 million, shattering the record for US presidential memoirs.

After an intense bidding war between multiple publishers, which reportedly surpassed the $60 million mark, Penguin Random House announced on Tuesday that they would be responsible for releasing the books.

“A publishing official with knowledge of the negotiations told Associated Press 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 on her life story,” the Guardian reports.

Both the former president and first lady have previously published books through Crown, an imprint of Penguin Random House. Michelle’s only previous book was about food and gardening, and was released in 2012.

“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, and every day, with the books we publish at Penguin Random House, we strive to do the same. Now, we are very much looking forward to working together with President and Mrs Obama to make each of their books global publishing events of unprecedented scope and significance.”

After leaving the White House. Democratic President Bill Clinton sold his memoir for $15 million, and Republican President George W. Bush sold his story for $10 million. Clinton was believed to have held the record for the largest advance for a former president’s memoir, until now.

The Obamas have stated that they will donate a “significant portion” of the revenue from their books to charity, which will likely include the Obama Foundation. The foundation’s website states that their mission is to “carry on the great, unfinished project of renewal and global progress.”