Former President Barack Obama and his wife, Michelle Obama, have signed a multi-year agreement to produce movies and television shows for Netflix. Financial terms of the agreement were not published.

Netflix, which reported 125 million paying subscribers as of the most recent quarter, said projects produced by the Obamas will be available to households in 190 countries around the globe.

The New York Times reported in March that the Obamas were in talks with Netflix to produce content for the streaming service.

Netflix said in announcing the partnership that the Obamas have established a company called High Ground Productions to produce a diverse mix of content including the potential for scripted and unscripted series, docu-series, features and documentaries. Sources in March said the platform won't be used for political purposes.

The nation's 44th President said one of the simple joys of their time in public service was getting to meet so many fascinating people from all walks of life and to help them share their experiences with a wider audience. By partnering with Netflix, he said they hope 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.

Michelle Obama echoed similar sentiments, adding that Netflix's unparalleled service is a natural fit for the kinds of stories they want to share.

Netflix Chief Content Officer Ted Sarandos had nothing but positive things to say about the Obamas.

"Barack and Michelle Obama are among the world's most respected and highly-recognized public figures and are uniquely positioned to discover and highlight stories of people who make a difference in their communities and strive to change the world for the better. We are incredibly proud they have chosen to make Netflix the home for their formidable storytelling abilities."