| Getty Barack and Michelle Obama reach book deal 
 
 Publisher Penguin Random House announced Tuesday it will publish books by former President Barack Obama and former first lady Michelle Obama. Terms of the agreement were not released, but the Financial Times reported on Tuesday that the auction for the rights to the books reached more than $60 million, citing people with knowledge of the sales process. Story Continued Below 
 
 “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,” Penguin Random House CEO Markus Dohle said in a statement. “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."
– Barack and Michelle Obama have book deals. The former president and first lady have signed with Penguin Random House, the publisher announced Tuesday. Financial terms were not disclosed for the books, which several publishers had competed for, although the deals are likely in the tens of millions of dollars, the AP reports. (Sources tell Politico the auction for rights to the books went higher than $60 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." The Obamas plans to donate a "significant portion" of their author proceeds to charity, including to the Obama Foundation. Barack 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 Bill Clinton's My Life. Titles and release dates for the Obamas' books were not immediately available. They 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 Barack Obama's book will be a straightforward memoir about his presidency, while Michelle Obama plans to write an inspirational work for young people that will draw upon her life story.