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Holly LaFon
Holly LaFon
Articles (8091) 

Mario Gabelli: Time to Do Media Mergers

Gabelli commented in the wake of the announcement that Murdoch might sell Twenty-First Century Fox assets to Disney

December 04, 2017 | About:
Mario Gabelli (Trades, Portfolio), chairman and CEO of Gamco Investors, joined CNBC for an interview Monday about how mergers and acquisitions in the media space might pan out.

"There's a lot of mergers going on and it's time to do it," Gabelli said. "Scale up."

The topic came to the fore when news broke today that billionaire Rupert Murdoch is in talks to sell most of Twenty-First Century Fox (NASDAQ:FOX), a stock Gabelli holds, to Disney (NYSE:DIS).

Gabelli said he would prefer Fox sell to Comcast. "Why would I want to own Disney stock?" he said. "I like Comcast. Disney stock I don't want to own."

More mergers could be coming up among media stocks in the future, he said. As catalysts, he cited deregulation, pro-business government and the digital revolution. Media companies' market caps also pale in comparison to those of giant tech companies like Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOG), which exceed $600 billion and therefore have more room to join together.





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