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Michael Bloomberg will endorse Hillary Clinton at Democratic convention

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.

Though Bloomberg hasn't been a registered Democrat since the year 2000, he is expected to address the party's four-day gathering on Wednesday -- the same day President Obama and Vice President Joe Biden will speak. Bloomberg, before becoming an Independent in 2007, ran as a Republican for New York City mayor.

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.

Jennifer Palmieri, Clinton's communications director, praised the media magnate as someone who would bring to the convention "a unique and important voice that lays out the choice in this election."

"As a business leader and philanthropist, Michael Bloomberg has lived his values and fought to make a difference for others," Palmieri said in a statement.

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.

CBS News' Nancy Cordes, Steve Chaggaris, and Hannah Fraser-Chanpong contributed to this report.

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