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Mario Gabelli on a potential Viacom-CBS merger, Netflix, other top ideas

Billionaire value investor Mario Gabelli shared his views on a potential merger between Viacom and CBS, his favorite investment trends for the years ahead and the upcoming U.S. presidential election.

"Whoever is elected we know that you are going to have infrastructure spending," said Gabelli, about an area of opportunity for investors.

Gabelli is the chairman and CEO of Gamco Investors, which is one of the largest shareholders of Viacom and CBS.

In this exclusive interview with CNBC, he also discusses:

  • His views on the market and rates.
  • Whether Netflix or Twitter could be takeover targets.
  • Trends in media, and how to invest in them.
  • Some of his favorite stocks right now, including a maker of components for luxury cars.

To watch the broadcast interview in its entirety, which first appeared on "Closing Bell," you must be a CNBC PRO subscriber.