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

The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $211 million in total assets whose primary investment objective is long-term growth of capital.