Barack and Michelle Obama have reportedly inked a very rich book deal.
Huffington Post reports:
The former president and first lady have signed with Penguin Random House, the publisher announced Tuesday. It did not disclose financial terms or confirm titles and release dates for the books. Both Obamas have published through Crown, a Penguin Random House imprint. But Penguin Random House declined to comment on which imprint or imprints the books would be released through.
The Financial Times is reporting that a high-bidding auction took place for the rights to the pending books and that Penguin Random House came out the victor with a deal worth more than $60 million.
The books the former President and First Lady are writing are expected to focus on their eight years in the White House. No strangers to publishing, President Obama published two books leading up to and during his presidency, while Mrs. Obama published a book on gardening in 2012.
The deal eclipses the record-setting $15 million deal Bill Clinton signed to publish his first book after leaving the White House.
The Obama will also reportedly donate a huge portion of the money to charity and their Obama Foundation.