Barack and Michelle Obama sign record Penguin Random House book deal

The couple's 'hotly anticipated' White House memoirs have reached a deal of over $60 million

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Former US President Barack Obama has agreed to a book deal with Penguin Random House alongside his wife.

The confirmed news follows reports that the couple's White House memoirs, described as “the most hotly anticipated publishing deal of the year,” had reached a record $60 million (£48m). The BBC now reports that the deal is claimed to be worth over that price.

In a new statement, Penguin Random House said: “The company has acquired world publication rights for two books, to be written by President and Mrs Obama respectively.”

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The Publisher's CEO Markus Dohle said: “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.”

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This isn't the first time the former President and First Lady have written books; Barack is the author of the bestsellers Dreams from My Father and The Audacity of Hope while Michelle has written food and gardening book American Grown.

The Guardian reports that the Obamas plan to donate a “significant portion” of their author proceeds to charity.

According to Title 3 of the US Code, as US President Obama earned a salary of $400,000 (£323,000), plus benefits.

More details when we have them.