Billionaire and news media mogul Michael Bloomberg has decided to exit the Democratic presidential race after a short and expensive attempt to be the moderate alternative to Joe Biden, throwing his support to Biden in the process.
Following a disappointing Super Tuesday performance in some states where he spent many millions on media buys, Bloomberg announced his exit on his Bloomberg 2020 web site.
His campaign had signaled late Tuesday it was rethinking its campaign given that lack of return on investment, according to CNN.
"I’m a believer in using data to inform decisions," said Bloomberg. "After yesterday’s results, the delegate math has become virtually impossible – and a viable path to the nomination no longer exists. But I remain clear-eyed about my overriding objective: victory in November. Not for me, but for our country. And so while I will not be the nominee, I will not walk away from the most important political fight of my life.
"After yesterday’s vote, it is clear that candidate is my friend and a great American, Joe Biden."
Bloomberg's campaign has pumped more than $500 million in spending on TV, radio and digital advertising, sharply raising prices in many local markets and boosting revenue for station owners.
While Bloomberg's exit clears the moderate lane with two-thirds of the delegates still up for grabs, Sen. Elizabeth Warren, who has been sharing the progressive lane with Sen. Bernie Sanders, was still talking about staying in the race and raising money with the observation that Super Tuesday results were still coming in and many delegates remained to be fought for. The caveat is that things change quickly. The campaigns of Pete Buttigieg and Amy Klobuchar were still seeking funds and talking policy at about the same time both were announcing the ends of their runs.
Jon Lafayette contributed to this report.
Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.
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