The Gabelli Global Multimedia Trust Inc. (NYSE - GGT) filed an initial registration statement with the Securities and Exchange Commission for an offering of auction rate and fixed rate preferred stock. The actual amount of capital to be raised, the initial dividend rate(s) and the timing of the offering have not been determined and will be announced at a later date. The proceeds raised will be used for investment purposes. In addition, a portion of the proceeds may also be used to redeem all or a portion of the Fund's outstanding 7.92% Cumulative Preferred Stock, should the Fund's Board of Directors so determine. This announcement does not constitute an offering of any securities, which will be made only by means of a prospectus. The filing of a registration statement for an offering of preferred stock provides an opportunity for the Fund to take advantage of the current, low interest rate environment. On November 12, 2002, the Fund redeemed 25% (308,675 Shares) of its outstanding 7.92% Cumulative Preferred Stock. The redemption price was $25.2530 per Preferred Share, which consisted of $25.00 per Preferred Share plus accumulated and unpaid dividends through the redemption date of $0.2530 per Preferred Share. The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $133 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 Gabelli Asset Management Inc. (GBL - NYSE), which is a publicly traded NYSE listed company.