Barack and Michelle Obama to TELL ALL after landing lucrative book deals

It looks like we will have to make space for two more books in our personal libraries as Barack and Michelle Obama have officially signed on to write their own memoirs with Penguin Random House.

The publishing company announced the news in an official statement earlier this week, saying: “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 final deal is said to be worth over $60m (£48m), which is a record-breaking fee for a presidential memoir, and will pay for the global rights for two separate books sold as a set, according to the Financial Times.

Knopf, a division of Penguin Random House, previously paid $15m (£12m) for the rights to Bill Clinton’s 2004 memoir ‘My Life’ after he left office in 2001, while George W. Bush made an estimated $10m (£8m) for his book ‘Decision Points,’ which was published by Crown, another Penguin subsidiary, in 2010.

NYT reports, as part of the new deal, Penguin Random House will donate one million books in the family’s name to First Book, a nonprofit organisation that provides educational materials to disadvantaged children.

It has also been reported that the Obamas plan to donate a “significant portion” of their book advances to several charities, including the Obama Foundation.

Both Barack and Michelle have previously written books; the ex US President is the author of bestsellers ‘Dreams from My Father’ and ‘The Audacity of Hope’, published before he entered the White House in 2009, while the former First Lady penned the food and gardening book ‘American Grown’, released in 2012.

No further details regarding titles, content and/or publishing dates for their upcoming memoirs have been shared at this time.