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"Disney has great product, and once again as you look into the universe, Disney said, 'OK, they don't want to be a part of the Netflix universe.' They wanted to do it themselves. It's something we decided to do a few years ago," Moonves said in an interview on CNBC's "Squawk on the Street."
The CBS chief was referring to his company's CBS All Access service, which launched in 2014. It allows users to stream over the internet live TV and NFL games and thousands of CBS shows on-demand.
"People are going to choose what they want to watch. People are tired of paying for things they don't want to watch. ...There is a lot of people who want Disney, just like there's a lot of people who want CBS," Moonves said.
Disney announced last month it intends to remove its movies from Netflix and instead launch a branded direct-to-consumer streaming service.
Disney CEO Bob Iger told CNBC at the time that Disney had a "good relationship" with Netflix, but decided to exercise an option to move its content off the platform.
Moonves also spoke about the changing ways people consume media. He said there is "no question" that consumers are cutting the cord but the company is adapting and making money.
"When people are cord cutting or they're leaving cable, they're going somewhere. They're not going to thin air. They're buying other services," the CBS chief said.
"We're involved with skinny bundles, the ones that are doing smaller packages of 40 channels as well as CBS All Access and Showtime over the top," he said.
—CNBC's Michelle Castillo contributed to this report.
Watch: CBS' Les Moonves: NFL still best property on television, not worried about ratings