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Ad spending in Georgia tops $329M since Election Day

Ad spending in Georgia tops $329M since Election Day

Advertising spending in Georgia has topped $329 million since Election Day as the state braces for two contentious Senate runoffs that will determine which party controls the U.S. Senate. 

The Jan. 5 Georgia runoffs will feature Sen. David PerdueDavid PerdueGeorgia's top election official looks to shake political drama Lobbying world JPMorgan Chase CEO speaks out to defend voting rights in response to Georgia law MORE (R-Ga.) facing off Democratic candidate Jon Ossoff and Sen. Kelly LoefflerKelly LoefflerGeorgia's top election official looks to shake political drama Collins hits Warnock after All-Star Game pulled: 'Thanks for nothing' High anxiety over Trump in Georgia GOP MORE (R-Ga.) going up against Democratic candidate Rev. Raphael Warnock.

Data from the ad tracking firm Kantar/CMAG showed that $329 million in advertising has been spent or reserved in the state since Nov. 3, The Associated Press reported on Sunday. Republicans and Democrats are both sending masses of money to the state for the Senate races, in what some say could reach $500 million. 

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Advertising rates in Atlanta and Savannah have increased. An ad that would have cost $8,000 in the Peach State’s capital in July is now worth $18,000. Savannah’s ad rates have increased by almost 20 times, according to the AP.

Campaign finance disclosures indicate that outside Republican groups may have more money coming in.

The National Republican Senatorial Committee reported raising $75.5 million since Oct. 15. The Democratic Senatorial Campaign Committee raised $31.6 million in the same time period.

The Senate Leadership Fund, a PAC that stands with Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell seeks to end feud with Trump Senate GOP signal they won't filibuster debate of hate crimes bill Colin Powell on Afghanistan: 'We've done all we can do' MORE (R-Ky.) also reported garnering $71 million since Nov. 3, while the Democratic Senate Majority PAC raised $10.2 million.

Most of the Senate Leadership Fund’s money comes from megadonors, including $15 million from the CEO of the private equity firm Blackstone, $10 million from the CEO of the hedge fund Citadel and $5 million from the former head of Wynn Resorts Steve Wynn, according to the AP.

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Stacey Abrams’ organization Fair Fight reported on Thursday it had raised $34.5 million between Oct. 15 and Nov. 23.

Both of the state's Senate races were sent to the runoff after none of the candidates obtained 50 percent of the vote. These candidates are not required to publish their finances until Christmas Eve. 

If either Republican is elected, the GOP will maintain a slight majority in the U.S. Senate, but if both lose the Senate will be split 50-50, with Vice President-elect Kamala HarrisKamala HarrisCongressional Black Caucus members post selfie celebrating first WH visit in four years Harris: Daunte Wright 'should be alive today' The Hill's Morning Report - Presented by Tax March - Biden, lawmakers start down a road with infrastructure MORE breaking the tie. 

President-elect Joe BidenJoe BidenIRS to roll out payments for ,000 child tax credit in July Capitol Police told not to use most aggressive tactics in riot response, report finds Biden to accompany first lady to appointment for 'common medical procedure' MORE became the first Democratic presidential candidate to win Georgia since 1992. President TrumpDonald TrumpBiden to move ahead with billion UAE weapons sale approved by Trump Fox News hires high-profile defense team in Dominion defamation lawsuit Associate indicted in Gaetz scandal cooperating with DOJ: report MORE though has refused to concede the overall race and has spread false allegations that voter fraud led to his loss in the Peach State.