The Gabelli Multimedia Trust Inc. (NYSE:GGT) announced today that pursuant to its share
repurchase plan, the Fund repurchased 25,500 shares of its common stock in the fourth quarter
of 2005 and a total of 139,500 shares for the full year 2005.
The Fund may from time to time purchase shares of its common stock in the open market when the
Fund shares are trading at a discount of 10% or more from net asset value. The share repurchase
program was initially announced on July 3, 1996. The Fund has repurchased 1,044,133 shares
since the inception of the share repurchase program at an average investment of $8.77 per share
and an average discount to net asset value of 16%. Within the current authorization level of
1,700,000 shares, 642,867 shares now remain available for repurchase.
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment
company with $218 million in total assets whose primary investment objective is long-term growth
of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL), which is a publicly traded NYSE listed company.