Gabelli Entertainment & Telecommunications Acquisition Corp filed to withdraw the registration statement for its 125 million dollars offering of the company’s securities. The company and the underwriters, Ladenburg Thalmann & Co. Inc., have determined that at this time they will not proceed with the registration and sale of the units as contemplated in the Form S-1 Registration Statement.

The SPAC, headed by well known fund manager Mario Gabelli, initially planned to raise 200 million dollars through Initial Public Offering. In November 2008, the company then reduced the target by nearly 38%.

Gabelli Entertainment & Telecommunications Acquisition Corp was founded as a blank check company which planned to engage in a merger or acquisition with company in media, entertainment, telecommunications, or financial services industries.

After this withdrawal, Mario Gabelli still has one SPAC in registration, Greenwich PMV Acquisition Corp, which also planned to raise $200 million.

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