GAMCO's Shelf Registration Declared Effective

FOR IMMEDIATE RELEASE
Rye, NY
May 8, 2006
  Contact:    Douglas R. Jamieson
      President & Chief Operating Officer
      (914) 921-5020

For further information please visit http://www.gabelli.com



GAMCO Investors, Inc. (NYSE: GBL) announced today that its $400 million "shelf" registration statement on Form S-3 filed with the Securities and Exchange Commission was declared effective. Under this shelf registration, GAMCO may from time to time sell any combination of senior and subordinate debt securities, convertible debt securities, common stock, preferred stock and other securities up to a total amount of $400 million.

This shelf registration is intended to provide GAMCO with the flexibility to access capital in the financial markets when windows of opportunity are present. It is not intended to cover sales of GAMCO's common stock by its officers, directors or affiliates.

GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.).

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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of any such state.