Obamas to Publish Books With Penguin Random House

Penguin Random House announced in a statement that they will "publish forthcoming books by former President of the United States Barack Obama and former First Lady Michelle Obama." Terms of the agreement were not disclosed, but the Financial Times reported the bidding auction ranged over $60 million.

Penguin's CEO said in a statement:

"We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama. 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 plan to donate a "significant portion of their author proceeds to charity," according to Penguin Random House.

Penguin Random House is the international home to nearly 250 editorially and creatively independent publishing imprints. Together, their imprints publish over 70,000 digital and 15,000 print titles annually, with more than 100,000 eBooks available worldwide.