The Gabelli Global Multimedia Trust 7.92% Cumulative Preferred Shares To Pay Quarterly Distributions.
FOR IMMEDIATE RELEASE
Rye, NY
May 14, 1998
NYSE - GGT Pr

 For information:
Peter Latartara
(914) 921-5071
The Board of Directors of The Gabelli Global Multimedia Trust Inc. (NYSE - GGT), at a meeting held on May 13, 1998, has elected to pay dividends on the Trust's Preferred Shares quarterly rather than semi-annually having received regulatory approval to distribute capital gains more frequently than once per year. Accordingly, the Preferred Shareholders will receive a quarterly distribution starting in September, 1998 of $0.495 per share.

In addition, the Board of Directors declared a $0.99 per share cash distribution payable on June 26, 1998 to Preferred Shareholders of record on June 19, 1998. This semi-annual distribution represents the accrual period from December 26, 1997 through June 26, 1998.

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.

The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $160 million in total assets whose primary investment objective is long-term growth of capital.