Penguin Random House have won the rights to publish two books – one by Michelle Obama and one by Barack Obama.
According to the Financial Times, Penguin Random House the auction between several prominent publishing houses to publish the books surpassed $60 million.
There is no formal date as to when the two books will be published, but it is assumed their likely release will be 2018.
In a statement from Penguin Random House the publisher said it would work with Michelle and Barack to “make each of their books global publishing events of unprecedented scope and significance.”
The publisher’s announcement also revealed the Obama’s plan to donate a “significant portion of their author proceeds to charity, including the Obama Foundation.” Penguin Random House will also donate one million books.
Mark Dohle, chief executive of Penguin Random House, revealed 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 everyday, with the books we publish at Penguin Random House, we strive to do the same.”