Billionaire media mogul Michael Bloomberg will endorse Hillary Clinton
during a prime time speaking slot at the Democratic National Convention
in Philadelphia this week, a spokesperson for Bloomberg confirmed to CBS
News.

The ex-mayor considered his own third-party run for the White House
earlier this year, but eventually ruled out a bid in March, after
determining that his inclusion in the race could tip the scales in favor
of Donald Trump. Bloomberg, no fan of Trump, wrote in a column at the
time that the real estate developer had run "the most divisive and
demagogic presidential campaign I can remember."

Clinton's campaign welcomed the endorsement.

The New York Times first reported Bloomberg's intentions Sunday.

The ex-mayor, according to the Times, was impressed with Clinton's vice
presidential choice, Virginia Sen. Tim Kaine, a staunch proponent of gun
control -- an issue Bloomberg also champions.