Former President Barack Obama and former First Lady Michelle Obama have signed with Penguin Random House for the publication of their next respective books. The financial terms of the deal were not disclosed, but the Financial Times reported that the bidding for the rights surpassed $60 million. The current record for a presidential advance is former President Bill Clinton’s $15 million.
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.”
Penguin Random House will also donate one million books in the Obamas’ name to First Book, a Washington D.C. reading advocacy group. The Obamas also plan on donating “a significant portion,” per the press release, to charities, including the Obama Foundation.
President Obama’s two past books, Dreams from My Father and The Audacity of Hope, were both bestsellers and helped lead to his national rise. First Lady Obama has written a book about gardening, American Grown, that was released in 2012.