GAMCO Announces Special Cash Dividend of $1 Per Share

RYE, N.Y.--(Business Wire)--
GAMCO Investors, Inc. (NYSE: GBL) announced today that its Board
of Directors declared a special dividend of $1.00 per share to all of
its Class A and Class B shareholders, payable on September 16, 2008 to
shareholders of record on September 2, 2008.

This payment is consistent with the goals stated in our annual
report that we expect to pay shareholders compensation of at least 40%
of our earnings in the form of stock buybacks or dividends. GAMCO paid
its first dividend in the amount of $.02 per share to its Class A
shareholders in December 2003 and began paying a quarterly dividend to
all shareholders in June 2004. Since that time, GAMCO has paid a total
of $3.17 per share in dividends to Class A and Class B shareholders,
including $2.70 per share in prior special dividends. The quarterly
dividend was increased by the Board of Directors to $.03 per share
beginning in the fourth quarter 2005.

GAMCO Investors, Inc., through its subsidiaries, manages private
advisory accounts (GAMCO Asset Management Inc.), mutual funds and
closed-end funds (Gabelli Funds, LLC), and partnerships and offshore
funds (Gabelli Securities, Inc.). As of March 31, 2008, GAMCO had
approximately $28.7 billion in assets under management.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press release contain some
forward-looking statements. Forward-looking statements give our
current expectations or forecasts of future events. You can identify
these statements because they do not relate strictly to historical or
current facts. They use words such as "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," and other words and
terms of similar meaning. They also appear in any discussion of future
operating or financial performance. In particular, these include
statements relating to future actions, future performance of our
products, expenses, the outcome of any legal proceedings, and
financial results. Although we believe that we are basing our
expectations and beliefs on reasonable assumptions within the bounds
of what we currently know about our business and operations, there can
be no assurance that our actual results will not differ materially
from what we expect or believe. Some of the factors that could cause
our actual results to differ from our expectations or beliefs include,
without limitation: the adverse effect from a decline in the
securities markets; a decline in the performance of our products; a
general downturn in the economy; changes in government policy or
regulation; changes in our ability to attract or retain key employees;
and unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory organizations. We
also direct your attention to any more specific discussions of risk
contained in our Form 10-K and other public filings. We are providing
these statements as permitted by the Private Litigation Reform Act of
1995. We do not undertake to update publicly any forward-looking
statements if we subsequently learn that we are unlikely to achieve
our expectations or if we receive any additional information relating
to the subject matters of our forward-looking statements.

GAMCO Investors, Inc.
Jeffrey M. Farber, 914-921-5147
Chief Financial Officer
or
For further information please visit www.gabelli.com.

Copyright Business Wire 2008