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Mario Gabelli is looking at Twitter but really likes live entertainment

Gabelli on Twitter & Netflix

Twitter is "fundamentally" OK and is getting more interesting because the dynamics of how it's used have changed, legendary investor Mario Gabelli told CNBC on Tuesday.

"Would we buy it? We're looking at it now," he said in an interview with "Closing Bell."

Speculation has swirled about who may buy the social media company, with names like Salesforce, Walt Disney, Microsoft and Alphabet's Google all floated. According to sources, Twitter and Salesforce are continuing to discuss a possible deal.

While Twitter has recently begun to live stream sporting events, Gabelli said what he really likes at the moment is "real live entertainment." He believes it will continue to thrive and do well.

That means a company like Live Nation Entertainment or a sports team like the Atlanta Braves.

"People want to go in real time. They don't want to tweet it. They don't want to watch it on an iPad. They want to be there and feel it," he said.

For those who want a piece of a basketball team, Gabelli said they can buy Madison Square Garden and get the New York Knicks "for free when you do the math."