Ad Spending Is Up as Economy Improves: CBS CEO
The improving U.S. economy means more industries willing to spend on advertising, and that's good news for CBS.
CEO Les Moonves told CNBC Monday ad spending by foreign and U.S. automakers is up from where it was last year, with financial firms, movie companies and pharmaceutical firms also spending more on ads.
And with the 2012 presidential campaign in full swing, political ads "are going to be extremely high," he added.
He sees "real strength" in the U.S. economy, too, adding, "We're not toally back yet, but there's been a great deal of increase from what we've seen in 2011."
The digital revolution has earned CBS billions of dollars in revenue thanks to content agreements with such players as Netflix and Amazon.com , Moonves said.
But one place where you won't see CBS programs anytime soon is on Apple'splanned foray into television.
Moonves said he and the late CEO Steve Jobs did talk about the possibility of using CBS content on Apple TV but "we felt he didn’t want to pay for it...We need to be protective of our content."