Penguin Random House has signed a book deal with former President Barack Obama and the former first lady Michelle Obama:
The terms of the agreement were not disclosed, but publishing industry executives with knowledge of the bidding process said it probably stretched well into eight figures. Robert B. Barnett and Deneen C. Howell of Williams & Connolly represented the Obamas.
Penguin Random House acquired world rights to the books, and worldwide sales could be substantial. No decision has been made yet as to which of the company’s major imprints — which include Random House, Doubleday, Alfred A. Knopf and Crown — will publish the books. Mr. Obama’s previous books were published by Crown, which also published Mrs. Obama’s book “American Grown,” about the White House garden.