Famed investor Mario Gabelli on AMC, Discovery and outlook on media mergers

Shares of movie theater chain AMC were surging again Wednesday morning. Retail investors have helped the company's share price nearly double over the past week. With Wednesday morning's pre-market move, AMC has an implied market cap of about $18 billion, which is roughly two-thirds of what ViacomCBS is worth. Legendary investor Mario Gabelli joined "Squawk Box" on Wednesday to discuss.