Barack and Michelle Obama sign book deal worth millions of dollars

Former US president Barack Obama and his wife Michelle Obama have signed a deal for publishing their memoirs with New York-based Penguin Random House. Moreover, the coveted contract is estimated to be worth tens of millions of dollars. America's first African American president is already the author of two memoirs and a children's book.

He has frequently declared himself to have a "writer's sensibility" and has said he does not want to write a conventional blow-by-blow account of his time in the White House. Michelle Obama's memoir is likely to be just as eagerly anticipated. 

A descendant of slaves, she became the first African American first lady and garnered high approval ratings - tothe point where she was arguably one of the country's mostrespected and popular women.

Penguin Random House said in a statement it has "acquired world publication rights for two books, to be written by president and Mrs Obama respectively." The terms of the deal were not disclosed, but bidding for the high-profile double book deal topped USD 60 million, a record sum for US presidential memoirs, according to the Financial Times.

Until now, the record for a US presidential memoir was USD15 million paid for Bill Clinton's "My Life," released in2004. George W Bush received USD 10 million for "Decision Points" in 2010. Hillary Clinton reportedly received a USD 14 million advance for "Hard Choices," her account of her time assecretary of state under Obama.

The Obama deal was negotiated by Washington super-lawyer Robert Barnett, who represented both the Clintons and Bush. As part of the agreement, the company will donate one million books in the Obama family's name to First Book, a charity, Penguin said.

"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," said Penguin Random House CEO Markus Dohle.

The Obamas took a long vacation after Donald Trump was sworn in as president on January 20, and the former president has stuck by a pledge to keep a low public profile unless events threatening what he called America's "core values" warranted that he speak out.

He did just that in January, just days after Trump enacted his ban on travelers from seven mostly Muslim countries, and on all refugees. Obama expressed support for protests that sprang up nationwide against the now-suspended Trump travel ban.