Mario J. Gabelli
About Mario J. Gabelli
Mario J. Gabelli, CFA, serves as Chairman of the Board of Directors and Chief Investment Officer of The Gabelli Multimedia Trust Inc. (GGT). He is classified as an “interested person” due to his affiliation with the Fund’s Adviser and is a member of the Fund’s ad hoc Pricing Committee. He was born in 1942 and has served on the Board since 1994. He holds a BA from Fordham University, an MBA from Columbia Business School, and honorary doctorates from Fordham University and Roger Williams University.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LICT Corporation | Chair (since 2004); CEO (since Dec 2010) | 2004–present (Chair); Dec 2010–present (CEO) | Public company in broadband transport and communications services; ongoing leadership indicates operating oversight and sector expertise. |
| CIBL, Inc. | Director (since 2007); Executive Chair (since Feb 2020) | 2007–present (Director); Feb 2020–present (Executive Chair) | Public holding company; elevated to Executive Chair signals strategic influence. |
| Morgan Group Holding Co. | Chair (2001–Oct 2019); CEO (2001–Nov 2012) | 2001–2019 (Chair); 2001–2012 (CEO) | Public holding company; long-tenure leadership highlights governance and capital allocation experience. |
| ICTC Group Inc. | Director | 2013–2018 | Communications; prior board service adds sector breadth. |
External Roles
| Organization | Role | Status/Start | Notes |
|---|---|---|---|
| GAMCO Investors, Inc. (GAMI) | Chairman; Co-CEO; Chief Investment Officer of Value Portfolios | Current | OTC-listed asset manager; core executive role shaping investment strategy. |
| Gabelli Funds, LLC; GAMCO Asset Management, Inc. | Chief Investment Officer of Value Portfolios | Current | Asset management subsidiaries of GAMI; portfolio leadership across fund complex. |
| GGCP, Inc. | CEO, CIO, Director, Controlling Shareholder | Current | Private company holding majority interest in GAMI; control position creates interlock with Adviser ecosystem. |
| MJG Associates, Inc. | Chair | Current | Investment manager of various funds/accounts. |
| Associated Capital Group, Inc. (ACG) | Executive Chair | Current | Public company providing alternative management and institutional research; majority-owned subsidiary of GGCP. |
| Academic/Non-Profit (Columbia GSB, Boston College, Roger Williams Univ., multiple foundations) | Overseer/Trustee/Director; Chair, Gabelli Foundation, Inc. | Current | Governance and philanthropy roles broaden external network and influence. |
Board Governance
- Board composition: 12 Directors; 10 not “interested persons” (Independent). The Board is divided into three classes with three-year terms; Gabelli is nominated to serve until the 2028 Annual Meeting.
- Independence: All Directors except Mario J. Gabelli and Christopher J. Marangi are Independent; Gabelli is an “interested person” given Adviser affiliation.
- Leadership/roles: James P. Conn is Lead Independent Director and presides over executive sessions; Independent Directors meet regularly in executive session and chair all committees.
- Committees:
- Audit Committee: John Birch (Chair), Werner J. Roeder, Salvatore J. Zizza; met 2 times in FY2024; Birch designated Audit Committee Financial Expert.
- Nominating Committee: Frank J. Fahrenkopf, Jr. (Chair), Salvatore J. Zizza; met 2 times in FY2024.
- Ad hoc/working groups: Proxy Voting Committee; ad hoc Pricing Committee (Gabelli is a member); multi-fund ad hoc Compensation Committees (CCO and certain closed-end fund officers).
- Attendance: Board met 4 times in FY2024; each Director then serving attended at least 75% of Board and applicable committee meetings. No Director or nominee attended the May 13, 2024 annual meeting; the Fund does not expect Directors to attend.
Fixed Compensation
| Name | Role | Aggregate Compensation from GGT ($) | Aggregate Compensation from Fund Complex ($) |
|---|---|---|---|
| Mario J. Gabelli | Chairman and Chief Investment Officer | 0 | 0 |
- Independent Director pay schedule: $6,000 annual retainer; $500 per Board meeting; $1,000 per committee meeting; Audit Chair $3,000; Nominating Chair and Lead Independent Director $2,000; aggregate independent director remuneration (excl. expenses) for FY2024: $93,791.
Performance Compensation
- No performance-based director compensation, stock awards, options, or disclosed performance metrics for Directors; Gabelli received no compensation from the Fund or Fund Complex in FY2024.
Other Directorships & Interlocks
| Company | Type | Role | Interlock/Control Considerations |
|---|---|---|---|
| Associated Capital Group, Inc. | Public | Executive Chair | Majority-owned subsidiary of GGCP; shared control across Adviser affiliates. |
| GGCP, Inc. | Private | CEO/CIO/Director; Controlling Shareholder | Holds majority interest in GAMI; control influences Adviser ecosystem connected to GGT. |
| GAMCO Investors, Inc. (GAMI) | Public (OTC) | Chairman; Co-CEO; CIO (Value) | Adviser affiliates manage Fund Complex; creates related-party proximity. |
| LICT Corporation | Public | Chair; CEO | External leadership with operating oversight. |
| CIBL, Inc. | Public | Director; Executive Chair | External leadership in holding company; potential information flow interlock. |
| ICTC Group Inc. | Public | Director (2013–2018) | Prior directorship. |
Expertise & Qualifications
- Investment leadership across GAMI, Gabelli Funds, and GAMCO Asset Management; decades of portfolio management experience in value investing.
- Academic credentials: BA (Fordham), MBA (Columbia Business School), CFA; honorary doctorates (Fordham, Roger Williams).
- Extensive board and governance experience across public companies and non-profits.
Equity Ownership
As of December 31, 2024.
| Holder | Shares | Notes |
|---|---|---|
| Mario J. Gabelli (direct) | 1,014,002 | Common stock held directly. |
| GGCP, Inc. (controlled by Gabelli) | 1,171,396 | Gabelli is CEO, director, controlling shareholder; disclaims beneficial ownership beyond indirect pecuniary interest. |
| Associated Capital Group, Inc. | 432,582 | Gabelli is Executive Chair and controlling shareholder; disclaims beneficial ownership beyond indirect pecuniary interest. |
| Gabelli & Company Investment Advisers, Inc. | 2,918 | Majority-owned subsidiary of ACG; disclaims beneficial ownership beyond indirect pecuniary interest. |
| Gabelli Foundation, Inc. | 17,000 | Shares owned by the foundation. |
| Total Common Shares Beneficially Owned | 2,637,898 | 7.9% of shares outstanding. |
| Dollar Range in GGT / Fund Complex | E / E | “Over $100,000” in both. |
Governance Assessment
- Alignment: Very large beneficial stake (7.9%) and E-range dollar ownership indicate strong economic exposure; however, portions are held via controlled affiliates with disclaimed beneficial ownership beyond indirect pecuniary interest.
- Independence: Gabelli is an “interested” director due to Adviser affiliation; Independent Directors chair key committees and a Lead Independent Director is appointed, supporting oversight balance.
- Committee posture: Gabelli serves on the ad hoc Pricing Committee while also acting as CIO; independent Audit and Nominating committees mitigate but do not eliminate perceived influence risks in pricing/offerings contexts.
- Attendance/engagement: Board meeting attendance met the 75% threshold across Directors; however, no Directors or nominees attended the 2024 annual meeting, which may be viewed as an investor engagement gap.
- Compensation: Zero cash/equity compensation from the Fund or Fund Complex reduces direct pay-related conflicts; independent directors are modestly compensated via retainers/meeting fees.
RED FLAGS
- Interested director status with extensive control across Adviser-affiliated entities (GGCP, ACG, GAMI) and simultaneous membership on the ad hoc Pricing Committee creates potential related-party and influence risks.
- Beneficial ownership spread across controlled entities with partial disclaimers complicates clarity of direct vs indirect alignment and control dynamics.
- No Director or nominee attended the May 13, 2024 annual meeting, weakening visible shareholder engagement.
Watch items
- Independent Directors’ financial interests in Adviser-affiliated entities (e.g., membership/LP interests listed) indicate proximity to affiliates; Board has disclosed and assessed exceptions, but ongoing monitoring is warranted.