Cascade and GAMCO Amend Note

FOR IMMEDIATE RELEASE
Rye, NY
April 23, 2007
  Contact :
Douglas R. Jamieson
President, Chief Operating Officer
Ph: (914) 921-5020

For further information please visit www.gabelli.com

  GAMCO Investors, Inc. (NYSE: GBL) announced an agreement with Cascade Investment LLC to modify the terms of the $50 million convertible note issued by GAMCO to Cascade. The note matures in August 2011, bears interest at the annual rate of 6%, and has a conversion price of $53 per GAMCO share. On conversion of the note, Cascade Investment LLC would own approximately 11% of GAMCO's Class A Common Stock.

GAMCO Investors, Inc., through its subsidiaries, manages approximately $28.1 billion in assets as of December 31, 2006, comprised of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships).

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation: the adverse effect from a decline in the securities markets; a decline in the performance of our products; a general downturn in the economy; changes in government policy or regulation; changes in our ability to attract or retain key employees; and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. We also direct your attention to any more specific discussions of risk contained in our Form 10-K and other public filings. We are providing these statements as permitted by the Private Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.