Former US President Barack Obama and his wife Michelle have agreed to a book deal with Penguin Random House, their publisher announced Tuesday.
“The company has acquired world publication rights for two books, to be written by President and Mrs Obama respectively,” the publisher said.
According to BBC, titles and other details have not been disclosed but Financial Times claim the deal is believed to be worth over $60m (£48m)..
By comparison, fellow Democrat and former president Bill Clinton earned $15m for rights to his 2004 memoir My Life after he left office, while Obama’s immediate predecessor, Republican George W Bush, reaped some $10m from his 2010 book Decision Points.
Obama is the author of the bestsellers Dreams from My Father and The Audacity of Hope, while Michelle’s only book is about food and gardening, American Grown, released in 2012.
“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,” Penguin Random House CEO Markus Dohle said.
“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.”