The 44th president and first lady of the United States have book deals, ABC News reports.
The two reportedly have signed with Penguin Random House, the publisher announced Tuesday. Several publishers had been competing for the books and while financial terms have yet to be disclosed, the deals are likely in the tens of millions of dollars.
“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.”
The Obamas reportedly plan to donate a “significant portion” of their author proceeds to charity, including the Obama Foundation. Barack’s book is a strong contender to attract the largest advance for any former president. The previous record is believed to be held by Bill Clinton for My Life. He reportedly earned $15 million.
The dual arrangement is unique and is for books that are among the most anticipated in memory of America’s first Black president and first lady. Barack is widely regarded as one of the finest prose stylists among modern presidents. Michelle Obama has provided few details about her time as first lady, so that alone would make for an exciting read.
A publishing official said that Barack’s book will be a straightforward memoir about his presidency. Michelle plans to write an inspirational work that draws upon her life story.