Barack and Michelle Obama sign book deals in lucrative bidding war

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In a publishing bidding war, Barack and Michelle Obama have signed book deals with Penguin Random House, and the former U.S. president and first lady have reportedly cashed in big time.

According to the Financial Times, the Obamas landed a record $65 million publishing deal, which would be the highest earning from any previous presidential memoir.

“We are absolutely thrilled to continue our publishing partnership with president and Mrs Obama,” the publisher’s CEO Markus Dohle said in a statement. “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.”

By comparison, former president Bill Clinton earned $15 million for rights to his 2004 memoir My Life, and President George W. Bush snagged a cool $10 million for Decision Points.

Though the Obamas will financially benefit from their popularity and Barack Obama’s historic president, they will reportedly donate a “significant portion” of their author earnings to charity, including the Obama Foundation.