CBS chief Les Moonves said Friday that broadcast TV remains the best bet for advertising because of one key factor.
"In network, there's scarcity [and] specific numbers attached to it and you know what you're getting. And no major product can ever be launched without the use of network television," Moonves said in an interview on CNBC's "Squawk on the Street."
"[Digital advertising] is an unending supply of inventory," Moonves added. "There are millions of sites to put your money in."
Moonves made his remarks a day after CBS reported quarterly profits and revenue that were slightly above Wall Street's estimates. Still, ad sales fell to $1.78 billion from $1.87 billion in the year-earlier period, which also led to lower local broadcasting revenues year over year.
The company's stock was down nearly 2 percent in midday trading.