With mobile devices and broadband technology expanding, top value investor Mario Gabelli says he likes content companies.

Gabelli tells CNBC that he likes media firms that produce good content, are trading on the cheap, and which he can hold for three or four years. Gabelli also talks about the outlook for consolidation in the industry. Gabelli is also finding value in financials, saying that State Street, Northern Trust and Bank of New York Mellon are all among the firms he likes. He talks about his belief that net interest margins will rise, and says that if interest rates go up faster than anticipated, it would be a big boost for banks. Gabelli also talks about why he likes trust banks.