Barack and Michelle Obama have agreed a deal to publish books about their time in the White House.

The former president and first lady have signed with Penguin Random House, who fought off fierce competition from other publishers.

The financial terms of the agreement have not been disclosed, although the Financial Times reported the company will pay more than $65m (£52.5m) for the rights.

By comparison, fellow Democrat Bill Clinton earned $15m for the rights to his 2004 memoir My Life after he left the White House, while Mr Obama’s immediate predecessor, Republican George W Bush, received $10m from his book Decision Points.

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It is not yet known what the books will be called or when they will be published.

The Obamas plan to donate a “significant portion” of the proceeds to charity, including to the Obama Foundation, the publisher said.

A publishing official with knowledge of the negotiations told the Associated Press Mr Obama’s book will be a straightforward memoir about his time in the Oval Office.

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Mrs Obama plans to write an inspirational work for young people that will draw upon her life story, they said.

The 44th president has already written two books – Dreams From My Father and The Audacity Of Hope – both of which increased his national profile in the years before his 2008 election victory.

Mrs Obama wrote American Grown, a book about food and gardening, which was released in 2012.


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