According to The Hollywood Reporter, Moonves says he likes the ad money Trump and his competitors are bringing to the network.
"It may not be good for America, but it's damn good for CBS," he said of the presidential race.
Moonves called the campaign for president a "circus" full of "bomb throwing," and he hopes it continues.
"Most of the ads are not about issues. They're sort of like the debates," he said.
"I've never seen anything like this, and this going to be a very good year for us. Sorry. It's a terrible thing to say. But, bring it on, Donald. Keep going," said Moonves.
"Donald's place in this election is a good thing," he said Monday at the Morgan Stanley Technology, Media & Telecom Conference in San Francisco.
He also said cord-shaving and cord-cutting isn't having the negative impact on CBS that the phenomenon is having on lesser networks.
Moonves also suggested CBS could sell some radio assets if the right offer presented itself, given radio is a slow-growth industry.