Free Press wire report

NEW YORK

Barack and Michelle Obama have book deals.

The former president and first lady have signed with Penguin Random House, the publisher announced last week.

Financial terms were not disclosed for the books, which several publishers had competed for, although several reports stated the joint deal was worth $65 million.

Both Obamas have published through Crown, a Penguin Random House imprint. But Penguin Random House declined comment on which imprint or imprints the books would be released through.

“We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama,” 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.”

The Obamas were represented in negotiations by Robert Barnett and Deneen Howell of Williams & Connolly. Mr. Barnett has worked on deals with President Obama’s two immediate predecessors, former Presidents Bill Clinton and George W. Bush, and with Mrs. Obama’s predecessors Hillary Rodham Clinton and Laura Bush.

The Obamas plans to donate a “significant portion” of their author proceeds to charity, including to the Obama Foundation.

President Obama’s book is a strong contender to attract the largest advance for any ex-president; the previous record is believed to be $15 million for President Clinton’s “My Life.”

The unique dual arrangement announced Feb. 28 is for books that are among the most anticipated in memory from a former president and first lady. President 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.

Mrs. Obama has given few details about her time as first lady. Her only book is about food and gardening, “American Grown,” released in 2012. Both the former president and first lady are widely popular with the public in the United States and abroad.

Titles and release dates were not immediately available. The books will reflect on the Obamas’ White House years, although Penguin Random House declined to give further details.

A publishing official with knowledge of the negotiations said that President Obama’s book will be a straightforward memoir about his presidency, while Mrs. Obama plans to write an inspirational work for young people that will draw upon her life story.

The official was not authorized to discuss the negotiations and asked not to be identified.

Presidential memoirs have contributed little to the literary canon, a tradition many believe President Obama will change. But recent books have found large audiences. President Clinton’s book and President Bush’s “Decision Points” were million sellers. Books by first ladies, including Mrs. Clinton’s “Living History,” have been dependable best-sellers.