The Board of Directors of The Gabelli Global Multimedia Trust Inc. (NYSE - GGT) authorized a $0.495 per share cash distribution payable on December 27, 1999 to Preferred Shareholders of record on December 20, 1999.

The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GGT Pr", are rated 'aaa' by Moody's and have an annual dividend rate of $1.98 per share. The 1,250,000 Preferred Shares were issued on June 4, 1997 at $25.00 per share and pay distributions quarterly.

A portion of this distribution will be treated as long-term capital gains. This has the effect of providing individual shareholders with an ordinary income tax equivalent yield that is higher than the current yield. Long-term capital gains will be allocated to all distributions for the year. The final determination of the source of all distributions in 1999 will be made after year-end.

The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $245 million in total assets whose primary investment objective is long-term growth of capital.