Exhibit 99.1

         GAMCO Appoints John Ferrara as Interim Chief Financial Officer

     RYE, N.Y.--(BUSINESS WIRE)--April 28, 2006--GAMCO Investors, Inc. (NYSE:
GBL) announced today that John C. Ferrara, a senior executive with more than
twenty-five years of experience in operations, acquisitions, financing, business
development and strategic planning, will serve as interim Chief Financial
Officer. Mr. Ferrara has been a member of the Board of GAMCO Investors, Inc.
since December 1999.
     "We are pleased to have John available in this transition," Mario Gabelli,
Chairman and C.E.O. of GAMCO, said. "John's broad-based financial experience
will be extremely helpful as we search for a CFO."
     Mr. Ferrara was the President and CEO of Space Holding Corporation and its
Chief Financial Officer from November 1999 to December 2000. He was the
Executive Vice President and Chief Financial Officer of Golden Books Family
Entertainment, Inc. from 1998 to 1999, and Vice President and Chief Financial
Officer of Renaissance Communications Corp. from 1989 to 1997. Mr. Ferrara, a
CPA, previously held financial positions at the American Express Company, the
National Broadcasting Company and Deloitte & Touche LLP. Mr. Ferrara has an MBA
in Finance from Columbia University and a BS in Accounting from the University
of Maryland.
     Mr. Ferrara assumes the post from Michael R. Anastasio, Jr. who will be
leaving the company next month to pursue another career opportunity after the
completion of the Form 10-Q filing. Mr. Gabelli added, "All of us at GAMCO wish
Michael well on his new endeavors."
     GAMCO Investors, Inc., through its subsidiaries, manages assets of private
advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds,
LLC), and partnerships and offshore funds (Investment Partnerships).


     CONTACT: For GAMCO Investors
              Douglas R. Jamieson, 914-921-5020
              www.gabelli.com