The former president and first lady will produce "a diverse mix of content, including the potential for scripted series, unscripted series, docu-series, documentaries and features," according to the news release on the agreement.
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President Obama said in a statement that he and Michelle wanted to "cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world."
After ABC newsreader Lara Spencer read out the item and noted Netflix didn't release any "financial details" on the agreement, host Robin Roberts exclaimed, "They got paid!"
"Breaking new ground for a president," host George Stephanopoulos said.
"Absolutely. Looking forward to seeing what they come up with," Spencer said.
"And we need that kind of programming. We really do," Roberts said.
The segment took place with a chyron stating, "THE OBAMAS ARE MAKING MOVIES!" splashed on the screen.