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Mario Gabelli: Why Verizon should buy Yahoo

Value investor Mario Gabelli said Friday he would support a buyout of Yahoo's core internet media and search business by Verizon.

Shares of Yahoo whipsawed Thursday on news that Verizon would move forward with a bid for the tech giant. The stock traded down marginally on Friday.

Gabelli, who owns shares of Verizon and Yahoo, said the marriage makes sense following Verizon's $4.4 billion purchase of AOL last year. Verizon could likely do a deal to sell off Yahoo Japan, he said.

"This is pretty simple. It's basically Investment Banking 101," he told CNBC's "Fast Money:...