Also in the media space, Gabelli said he likes Discovery Communications, based the U.S. company's July announcement that it's buying the rest of sports broadcaster EuroSport that it didn't already own for $534 million from French media group TF1 Group.
He said Discovery, a stock owned by Gabelli's Gamco Investors, should see earnings go straight up over the next five years. "Not right away because they have the currency and they bought EuroSport where the euro was $1.38. It's now $1.11. But they'll pull it off."
Also read: Disney raises its bid for Fox to $71 billion