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."
In June, Discovery agreed to pay about $1.4 billion to show the Olympics from 2018 to 2024 across Europe through Eurosport.
"I like the company. I like anything that John Malone has fingerprints on. We've made a ton of money with him," Gabelli said. Discovery was spun-off in 2005 from the Liberty empire run by billionaire founder and media titan John Malone.
Gabelli's investment company has $40 billion in assets under management.