Media mogul Michael Bloomberg decides against third-party bid for the White House

Billionaire media mogul and former New York City mayor Michael Bloomberg has decided against mounting a third-party bid for the White House.

Mr Bloomberg has spent months mulling an independent campaign.

He made his decision official on Monday in a column posted on company's BloombergView website.

A Democrat-turned-Republican-turned independent, Mr Bloomberg had set a mid-March deadline to make a decision about running so as to have enough time to make all 50 state ballots.