Mario Gabelli Details His Top 3 Entertainment Picks

Notable fund manager Mario Gabelli of GAMCO Investors is tapping into the minds of millennials to come up with investment ideas in the entertainment industry. Speaking as a guest during CNBC's "Squawk Box" segment, Gabelli said that millennials want "experiences." Granted, many millennials spend a lot of their time online and on social media, but they also crave live experiences. For example, Coachella, a massive outdoor concert, is the go-to experience for millennials. As such, investors should consider the company behind the event, Live Nation Entertainment, Inc. LYV.

Other Picks

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In fact, Live Nation's stock soared more than 9 percent Friday morning and hit a new 52-week high of $34.99 in reaction to the company's first quarter results.

Gabelli emphasized Live Nation's Ticketmaster unit isn't as attractive as the company's core business of booking talent and finding a suitable venue in the hottest cities across the country where people are willing to pay good money.

Also, Gabelli finds shares of the Liberty Braves Group BATRA, the parent company of the MLB's Atlanta Braves, attractive. Investors can buy the tracking stock today for "half the price that someone will pay" to buy out the entire team along with the corresponding real estate, land, stadium, etc.

Finally, Gabelli also likes Ryman Hospitality Properties, Inc. (REIT) RHP, a hotel, resort, entertainment, and media company.