Barack and Michelle Obama Book Deal Rumored to Be Worth a Cool $60 Million

The Obamas have inked one hell of a book deal with Penguin Random House.

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Barack and Michelle Obama have inked quite a book deal with Penguin Random House, the publisher announced Tuesday. Though Penguin has not released details on the financial specifics surrounding the agreement, the Los Angeles Timesnoted that bidding was rumored to have hit $60 million. 

"We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama," Penguin Random House CEO Markus Dohle said in a statement to ABC News. "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 releases, Dohle said, will be events of "unprecedented scope and significance." Previously, the Obamas have published through the Penguin imprint Crown. The imprints behind the new deal have not been confirmed.

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A "publishing official" toldABC News that Barack's book is expected to be a "straightforward memoir" about his POTUS years, while Michelle's will focus on telling her life story as inspiration for young people. A significant chunk of the proceeds, first rumored by the Financial Times to have hit $60 million during the bidding process, will be given to charity. Release dates and titles have not been set.

During a CNNinterview with David Axelrod in December, Barack teased his post-White House writing plans. "I'm gonna start thinking about the first book I want to write," he said at the time. "We've got to unpack, and I don't need your help on that either." Barack's previous books, The Audacity of Hope and Dreams from My Father, were both bestsellers. In 2012, Michelle released the hit hardcover American Grown: The Story of the White House Kitchen Garden and Gardens Across America.

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