Gabelli Entertainment & Telecommunications Acquisition Corp Files for $200 Million AMEX IPO

Our billionaire friends at GAMCO Investors, Inc. (NYSE: GBL; a provider of investment advisory services to mutual funds, institutional and private wealth management investors, and investment partnerships), filed for a $200 million AMEX IPO last night.

Mario J. Gabelli (pictured at left), the billionaire CEO of GAMCO and ranked 698 among The World's Richest People In 2006, and a crew of GAMCO factoti have teamed up with Frederic V. Salerno, who was vice chairman and chief financial officer of Verizon until 2002, to target operating businesses or assets in the media, entertainment, telecommunications or financial services industries.

The team will own 20% of the post-IPO entity.

The market has responded well to this development, as GBL is up over 5% on news of the filing today.

Click here for the filing
Click here for Gabelli's Bio