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As part of a program to improve returns to shareholders, Gabelli Asset Management Inc. (NYSE: GBL)
announced today that it repurchased 400,000 shares of its Class A Common Stock through an accelerated
share repurchase agreement at a total initial investment of approximately $18.8 million. The
accelerated share repurchase agreement permits us to repurchase the shares immediately, while the
investment bank will purchase the shares in the market over time. The 400,000 shares repurchased
under the agreement are subject to a future contingent price adjustment based on the actual prices
paid by the investment bank to purchase our stock in the market over time.
Since our stock buyback program was initiated in March 1999, we have repurchased approximately
1,934,000 shares of our common stock at an aggregate investment of $61.3 million through October 31,
2004. This includes approximately 757,000 shares repurchased during 2004 at a total investment of
$31.1 million. The accelerated share repurchase agreement is in addition to previously announced
stock repurchase authorizations by the Board of Directors. We continue to have authorization to buy
approximately 1,400,000 shares of our Class A Common Stock and up to $25 million of our mandatory
convertible securities.
Gabelli Asset Management Inc., through its subsidiaries, manages approximately $28 billion in assets
of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and
partnerships and offshore funds (Alternative Investment Group).
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