Penguin Random House is expected to publish forthcoming books written by former President Barack Obama and former first lady Michelle Obama, according to the Associated Press.
The terms of the agreement weren't disclosed, but those familiar with the bidding process said it probably spanned into the tens of millions.
"We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama," Penguin Random House CEO Markus Dohle said in a statement.
He continued, "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."
The Obamas were represented in negotiations by Robert Barnett and Deneen Howell of Williams & Connolly. Barnett previously worked on deals with former White House officials, including Bill Clinton, George W. Bush, Hillary Clinton and Laura Bush.
The Obamas plan to donate "a significant portion" of their proceeds to charity, including the newly-established Obama Foundation.
Obama's book deal is expected to draw the largest advance for any ex-president. The previous record is believed to be $15 for Bill Clinton's "My Life."
The dual book agreement will most likely reflect on the Obamas' White House years--a first for Mrs. Obama, who has written very little about her time as the first lady. Her only book is about food and gardening.
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