(CNN) Former New York City Mayor Michael Bloomberg has placed at least $37 million worth of television advertising over the next two weeks, according to data from Kantar Media/CMAG, possibly signaling that his formal entry to the 2020 presidential race is imminent.

Bloomberg's massive buy -- 60 second spots across some 100 markets -- will begin next week, representing more than the entire Democratic field has spent on TV advertising in the race so far, excluding businessman Tom Steyer, who will have aired nearly $63 million of TV ads by the end of Bloomberg's initial bookings.

Of the initial bookings, $15 million is spread across just five states: California, Florida, Texas, New York, and Pennsylvania. Bloomberg also has more than $1 million booked in Washington, North Carolina, Illinois and Ohio, and nearly $1 million in Michigan. Top markets include New York, Los Angeles, Houston, Dallas-Ft. Worth, and Miami-Ft. Lauderdale.

As a result of these bookings, next week will see the most spending on political advertising of any week so far in 2019.

Steyer, worth $1.6 billion, has spent at an unparalleled rate on TV campaign ads since entering the race, and Bloomberg, worth over $50 billion, looks like he may challenge that.

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