Koch brothers plan to spend $889 million on 2016 elections

WASHINGTON (CNN) -- The conservative Koch brothers' political network plans to spend $889 million during the 2016 election cycle, according to media reports out of the network's donor meeting being held early this week in California.

The massive investment planned by groups founded by Charles and David Koch was announced in a Monday morning meeting at the Rancho Mirage Ritz Carlton, The Washington Post and Politico reported.

It means the Kochs' investment could rival the $1 billion that the Republican and Democratic nominees are each expected to raise and spend on the 2016 campaign -- and is more than double the $407 million their groups spent in 2012.

It would be more money than any private network has ever spent on an election cycle, with money coming from both the Koch brothers themselves and other donors.

The spending goal comes as the Koch brothers prepare to seek specific pledges from hundreds of donors at the end of their meeting, organized by the Freedom Partners Chamber of Commerce -- which then doles out money to a host of conservative groups within the Koch network.

Four Republicans weighing 2016 White House runs were on hand for parts of the conference. Wisconsin Gov. Scott Walker arrived Saturday, and Sens. Marco Rubio of Florida, Rand Paul of Kentucky and Ted Cruz if Texas were on hand for a panel discussion Sunday night.