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Viacom boardroom saga a 'Game of Thrones,' says major shareholder Gabelli

The boardroom drama at Viacom is a sideshow that takes away from what the media giant really needs to do to get its stock price back on track, said major Viacom shareholder and famed value investor Mario Gabelli.

"It is basically 'Game of Thrones,'" Gabelli told CNBC's "Squawk Box" on Tuesday. "We're down to the end. It really comes down to the courts."

Gabelli reiterated that Viacom needs to figure out how to thrive in an "over-the-top" world — a term referring to services that deliver content directly to consumers who don't have cable TV or satellite subscriptions. Shares of Viacom, though higher Tuesday, are down more than 40 percent over the past 12 months.

The latest twist came as Viacom's board rejected an offer to meet face-to-face with controlling shareholder Sumner Redstone.

Viacom has been embroiled in controversy after Redstone's National Amusements removed Viacom CEO Philippe Dauman and others from its board. Dauman has said Shari Redstone is unduly influencing her 93-year-old father, who lacks the mental capacity to make these decisions.

National Amusements is the privately held company that holds Redstone's nearly 80 percent of the voting shares of Viacom and CBS.

Gabelli used the storyline of the HBO show, "Game of Thrones," to make his point about Viacom's ownership struggles.

SPOILER ALERT: If you have not watched the season finale, stop reading.

"In the last episode all the women won. All the women were leaders," Gabelli said, and then chanted "Shari Redstone." He then asked: "What's wrong with a woman leading the company? She has 80 percent of the vote."

Incidentally, HBO is owned by another media giant, Time Warner, which Gabelli also has a stake in.

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