The Gabelli Multimedia Trust Inc. (NYSE:GGT) announced today that pursuant to its share
repurchase plan, the Fund has repurchased over one million shares of its common stock to date.
Additionally, the Fund's Board of Directors voted to increase the share repurchase authorization
by 250,000 shares at a meeting held on November 16, 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 1,019,233 shares
since the inception of the share repurchase program at an average investment of $8.73 per share
and an average discount to net asset value of 16.05%. Of the total 1,700,000 shares authorized
for repurchase following this third increase in the authorization level, 680,767 shares now
remain available for repurchase.
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment
company with $215 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.