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President Barack Obama and former first lady Michelle Obama are going to be racking in the big bucks with their new book deal.

The presidential couple will be writing separate books with their new Penguin deal, but they will be selling their books together. Penguin was up against some steep competition for the book deal, vying against HaprperCollins, Macmillan and Simon & Schuster for the over $60 million dollar contract.

“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,” Penguin Random House 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.”

Penguin has published three other Obama books, including ‘Dreams From My Father’ and ‘The Audacity Of Hope.’

SOURCE: NY POST

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