Marangi: The secular tailwinds behind wireless are strong, which benefits American Tower

Watch on YouTube ↗  |  January 02, 2026 at 12:34  |  2:33  |  CNBC
Speakers
Chris Marangi — Co-CIO, Gabelli Funds

Summary

Chris Marangi of Gabelli Funds presents American Tower as a top communication services pick, arguing tower stocks have been unfairly pressured by the EchoStar/satellite connectivity overhang while wireless secular tailwinds remain strong. He also expects 2026 to bring media rationalization and consolidation as streaming-focused companies seek profitability. The conversation touches on a quality-management investment approach and a brief, incomplete discussion of value outperformance.

  • Chris Marangi of Gabelli Funds discusses a communication services top pick.
  • He argues American Tower is attractive despite an EchoStar/satellite connectivity overhang.
  • Marangi says wireless secular tailwinds remain strong and EchoStar impact is overblown.
  • He cites American Tower's roughly 4% current return and small data center business.
  • He expects 2026 to be a year of media rationalization and consolidation.
  • He favors quality companies with resilient, adaptable management teams.
  • The interview briefly touches on value outperformance before the transcript cuts off.
Ideas
Chris Marangi Co-CIO, Gabelli Funds 0:20
Buy American Tower on overblown EchoStar fears
Tower stocks have lagged because of their contractual recurring revenue profile and an overhang from satellite-delivered connectivity, including EchoStar selling spectrum to Starlink and AT&T. Marangi argues the EchoStar impact is overblown, wireless secular tailwinds remain strong, and this creates an opportunity to buy a great company with a roughly 4% current return plus additional tailwinds from its small data center business.
AMT HIGH
Chris Marangi Co-CIO, Gabelli Funds 1:07
Media consolidation wave likely in 2026
In 2026, the media industry is likely to go through rationalization, reaggregation and recoupling as companies that spent heavily on streaming apps and content need to start making money. One way to do that is consolidation, and the battle for Warner Bros. is an indication that more media consolidation is coming.
XLC MED
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This CNBC video, published January 02, 2026, features Chris Marangi discussing AMT, XLC. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Marangi  · Tickers: AMT, XLC