EXHIBIT 99.1


                          GAMCO Announcement


    RYE, N.Y.--(BUSINESS WIRE)--Feb. 22, 2007--GAMCO Investors, Inc.
(NYSE: GBL) today announced that an advisory subsidiary has made an
offer of settlement to the staff of the Securities and Exchange
Commission for communication to the Commission for its consideration
to resolve issues relating to the previously disclosed mutual fund
share trading matter. This offer of settlement is subject to agreement
regarding the specific language of the SEC's administrative order and
other settlement documents. A final settlement is subject to review
and approval by the Commission. We have cooperated with the staff's
inquiries over the past three and a half years and believe that this
matter will be concluded in the near future.

    As a result of reaching this tentative settlement, GAMCO is
increasing its legal and regulatory reserves for 2006 by $3 million.
This additional reserve will result in a decrease of $0.07 per fully
diluted share in our previously announced earnings for the fourth
quarter of 2006. This brings the fourth quarter 2006 earnings per
fully diluted share ("EPS") to $0.79 per share from $0.86 per share
versus $0.67 per share in the fourth quarter of 2005 and the full year
2006 EPS to $2.31 per share from $2.38 per share versus $2.10 per
share for the full year 2005. For the year ended December 31, 2006,
the total legal and regulatory reserves are now $0.34 per fully
diluted share.

    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 December 31, 2006, GAMCO had
approximately $28.1 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.

    CONTACT: GAMCO Investors, Inc.
             James E. McKee, General Counsel, 914-921-5294
             www.gabelli.com