The Gabelli Global Multimedia Trust Inc. (NYSE - GGT) is pleased to announce the completion of an offering of two series of Preferred Stock valued at a total of $50 million. The issuance consists of $25 million of 6.00% Series B Cumulative Preferred Stock and $25 million of Series C Auction Rate Cumulative Preferred Stock. The proceeds raised will be used for investment purposes. The 6.00% Series B Preferred Shares are rated "Aaa" by Moody's Investors Service, Inc. The 6.00% Series B Preferred Shares are perpetual, non-callable for five years and were issued at $25 per share. Distributions will be paid quarterly beginning on June 26, 2003. The 6.00% Series B Preferred Shares began trading on the New York Stock Exchange under the symbol "GGT Pr B" on April 2, 2003. The Series C Auction Rate Preferred Shares are rated "Aaa" by Moody's Investors Service, Inc. and "AAA" by Fitch, Inc. The Series C Preferred Shares are perpetual and generally are callable at any time without premium. The initial dividend rate for the Series C Preferred Shares will be 1.30% for the period ending April 8, 2003. The dividend rates for subsequent periods will be determined by an auction process. The Board of Directors shares the Investment Adviser's view that the issuance of the preferred stock is designed to benefit the common shareholders. The Fund expects that following investment of the proceeds, it will be able to earn in excess of the dividend rate on the preferred shares and thereby create additional value for its common shareholders. It should be noted that the Investment Adviser will not receive a management fee on the incremental assets raised unless the total return of the Fund to common shareholders during the year exceeds the dividend rate of the preferred stock, including the costs of any interest rate swap agreement the Fund may enter into to protect against short-term interest rate increases. The Investment Adviser believes this fee arrangement is in the best interests of all shareholders. Salomon Smith Barney, Inc. and Gabelli & Company, Inc. served as underwriters for the offering, which closed on April 1, 2003. The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $177 million in total assets, after giving effect to the issuance of the preferred shares. The Fund's 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.