Gabelli Global Multimedia to Redeem a Portion
of Its Auction Preferred Stock
Gabelli Funds


Rye, NY, October 22, 2008 -- To assist with the liquidity of a challenged economic system and the freezing of the credit markets, the Board of Directors of The Gabelli Global Multimedia Trust (GGT) (the "Fund") authorized a partial optional redemption of the Fund's Series C Auction Rate Cumulative Preferred Stock at a redemption price equal to the liquidation preference of $25,000 per share plus the amount of accumulated but unpaid dividends thereon to the redemption date.

The timing and further details of this redemption will be announced at a later date.

The Fund is a diversified, closed-end management investment company with $134 million in total assets whose primary investment objective is to seek a high level of total return through a combination of current income and capital appreciation. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (GBL), which is a publicly traded NYSE listed company.


View more information on Gabelli Funds or other Closed-End Funds