Barack and Michelle Obama have book deals

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.

“We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama,” Penguin Random House CEO Markus Dohle said in a statement.

[...] 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.

The unique dual arrangement announced Tuesday is for books that are among the most anticipated in memory from a former president and first lady.

Barack Obama is widely regarded as one of the finest prose stylists among modern presidents, and his million-selling “Dreams from My Father” and “The Audacity of Hope” are considered essential to his rise to the White House.

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.