Mario Gabelli expects these media stocks to rally 50% over the next two years

Veteran investor Mario Gabelli told CNBC on Monday he sees a handful of attractive opportunities in media stocks, particularly Sinclair Broadcast Group and Grupo Televisa.

In an interview on "Power Lunch," the Gamco Investors CEO and chairman laid out different investment theses for the companies. But in both instances, Gabelli said he expects the stocks to rally at least 50% from their current levels in the next two years.