President Obama has been declared winner of the 2012 Presidential Election, according to numerous media outlets including CNN and Fox News. Although Gov. Romney has not yet conceded the election as at midnight many are already preparing for Obama's acceptance speech.
As soon as either Romney concedes the election, or once it is officially confirmed that Obama has won re-election, Obama will soon after make his acceptance speech.
As at midnight Eastern Time, CNN projected that Obama had won 281 Electoral Votes compared to 201 Electoral College Votes for Romney.
However, a number of key swing states were still being counted are were extremely tight. But media networks, when looking at which regions were still left to vote in those states, were confident enough to project that Obama would come out on top.
For example in Florida, Obama was holding 50 percent compared to 49 percent for Romney, with 91 percent of votes counted. With nearly 8 million votes counted Obama had gained 3,987,528 votes compared to Romney's 3,939,813 votes. There were still 9 percent of votes in the state still to be counted.
Similarly in Ohio, CNN felt confident enough to project Obama had won the 19 Electoral Votes the state holds - that was despite Obama being marginally behind Romney at midnight, with both candidates level at 49 percent. Romney had 2,295,003 votes compared to Obama's 2,275,618 votes.
In Wisconsin Obama was leading at midnight with 51 percent compared to 48 percent for Romney. Obama had gained just over 964,000 votes compared to 904,000 votes for the Republican.
The Romney campaign were not yet ready to concede despite the projections from the major networks, and shortly before midnight the word was the Romney camp were still awaiting confirmation of some of the key swing states, including Ohio and Florida, before making any further move.
If and when Obama is officially announced the winner, or if Romney does concede, then Obama is believed to make his acceptance speech soon after. A live stream of the acceptance speech will be shown and can be watched online by clicking here.