Bloomberg to spend $31 million in TV ads ahead of potential 2020 run

Billionaire Mike Bloomberg launched a multi-million dollar TV ad campaign as he prepares to enter the Democratic primary for president, an advertising monitoring group said Friday.

Data compiled by Advertising Analytics, which tracks ad buys throughout the 2020 election, shows that the former New York mayor has invested the seven-figure sum in over 25 markets, including in Florida, Texas, Massachusetts, California, Pennsylvania, Mississippi and Michigan, CNBC reported.

The company updated website late Friday that the total ad buys was up to $31 million and, at that time, they were still in the process of collecting the final market data. The total breaks the all-time weekly broadcast expenditure record of $24 million, which is held by President Barack Obama.

Many of these states represent key primary contests for Democrats in the 2020 race.

In Florida, the investment is focused on West Palm Beach, the market that includes President Donald Trump’s resort Mar-a-Lago. The most expensive ad buy is in Los Angeles for over $1.4 million, the company said.

The data gathering firm said the ads were booked Friday morning and will run through the end of Thanksgiving week.

A spokesman for Bloomberg did not return a request for comment on details pertaining to the ads.

The ad buys are the latest in a series of moves by Bloomberg, who has a net worth of just over $55 billion, and his team in the buildup to his likely run for the Democratic presidential nomination.

The former New York mayor filed paperwork on Thursday for a presidential run, although his spokesman said it was only procedural and did not represent some form of an announcement.

He has also filed to compete in various primaries including Alabama, Texas and Arkansas, and his aides have been hiring staff to gear up for a primary battle.

Bloomberg’s team has previously said he plans to spend over $100 million if he runs. Apart from his ambitions to run for president, the 77-year-old Bloomberg has committed $100 million to a digital ad campaign against Trump.