8-K

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of The
                         Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported) January 16, 2007


                              GAMCO INVESTORS, INC.
             (Exact name of registrant as specified in its charter)


         New York                         1-14761                13-4007862
     (State or other              (Commission File Number)     (IRS Employer
jurisdiction of incorporation)                               Identification No.)


      One Corporate Center, Rye, NY                             10580
(Address of principal executive offices)                      (Zip Code)


       Registrant's telephone number, including area code (914) 921-3700


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))



Item 5.02.  Departure of Directors or Principal Officers; Election of Directors;
            Appointment of Principal Officers; Compensatory Arrangements of
            Certain Officers.

         On January 16, 2007, the Board of Directors of GAMCO Investors, Inc.
("GAMCO") elected Eugene R. McGrath to serve as a director of GAMCO. GAMCO
issued a press release announcing Mr. McGrath's election to the Board. A copy of
the press release is attached hereto as Exhibit 99.1 and is hereby incorporated
by reference.


Item 9.01.      Financial Statements and Exhibits.

        (d)     Exhibits

        99.1    GAMCO's Press Release, dated January 16, 2007.



                                  Exhibit Index

Exhibit No.

99.1     GAMCO's Press Release, dated January 16, 2007.


                                   SIGNATURE
                                   ----------

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        GAMCO Investors, Inc.

                                        By:     /s/    John C. Ferrara
                                                --------------------------------
                                                John C. Ferrara
                                                Interim Chief Financial Officer


Date: January 16, 2007

EX-99.1

                                                                    Exhibit 99.1

   Eugene R. McGrath to Join Board of Directors of GAMCO Investors

    RYE, N.Y.--(BUSINESS WIRE)--Jan. 16, 2007--GAMCO Investors, Inc.
(NYSE: GBL) today announced the election of Eugene R. McGrath, former
Chairman and Chief Executive Officer of Consolidated Edison, Inc., to
its Board of Directors.

    Mr. McGrath, 64, has been associated with Con Edison since 1963.
He served as Chairman, President and Chief Executive Officer from
October 1997 until September 2005 and Chairman until February 2006. He
has served as Chairman and Chief Executive Officer of Con Edison's
subsidiary, Consolidated Edison Company of New York, Inc., since
September 1990.

    Mario J. Gabelli, Chairman and Chief Executive Officer of GAMCO
Investors, Inc., said, "We are delighted to have Gene McGrath on the
Board of Directors. His knowledge and perspective built through his
career at Con-Ed will serve our shareholders well."

    In commenting on his election, Mr. McGrath said, "I am pleased to
join the Board and look forward to working with Mario Gabelli and his
team to further the interests of GAMCO Investors' shareholders."

    Mr. McGrath is a Director of Consolidated Edison, Inc., AEGIS
Insurance Services, Atlantic Mutual Insurance Services,
Schering-Plough, Manhattan College, The Economic Club of New York, The
Wildlife Conservation Society and is on the Advisory Board of Braemar
Energy Ventures.

    Mr. McGrath earned a degree in Mechanical Engineering from
Manhattan College and an MBA from Iona College. He completed the
Advanced Management Program at Harvard University.

    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 September 30, 2006, GAMCO had
approximately $26.6 billion in assets under management.

    For further information please visit www.gabelli.com

    CONTACT: GAMCO Investors, Inc.
             Douglas Jamieson, 914-921-5020
             President, Chief Operating Officer