2009-12-09 21:19:37 -

Fitch Ratings has withdrawn the 'AAA' ratings assigned to the following preferred stock issued by Gabelli Global Multimedia Trust Inc. (NYSE.

GGT), an equity multimedia closed-end fund managed by Gabelli Funds, LLC..

--$15,000,000 series C auction rate preferred stock (ARPS).

At the time of the rating withdrawal, the asset coverage available to the ARPS, as calculated using the discount factors and diversification framework outlined in Fitch's updated closed-end fund rating criteria, is consistent with an 'AAA' rating.

A key component of Fitch's rating criteria for closed-end fund debt and preferred securities, however, is the existence of structural redemption/de-leveraging triggers designed to maintain asset coverage levels in the face of changes in portfolio composition and/or asset price declines (see Nov. 3, 2009 press release

titled 'Fitch Takes Action on Certain U.S. Closed-End Funds Following Updated Rating Criteria'). As the fund has elected not to incorporate structural protections consistent with Fitch's 'AAA' ratings criteria into its operating guidelines, there can be no assurances that the fund will maintain asset coverage consistent with an 'AAA' rating in the future.

The Aug. 17, 2009 criteria report, titled 'Closed-End Fund Debt and Preferred Stock Rating Criteria', is available at ' www.fitchratings.com : ' under the following headers.

Financial Institutions then Fund & Asset Manager Ratings then Criteria.

Additional information is available at www.fitchratings.com : .

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS : .

IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM : '.

PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings, New YorkYuriy Layvand, CPA, 212-908-9191Nathan
Flanders, 212-908-0827orMedia Relations:Sandro Scenga,
212-908-0278Email: sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com