Gabelli to raise $200M for buyouts

Gabelli Entertainment and Telecommunications Acquisition Corp. of Greenwich, Conn., plans to raise $200 million through an initial public offering to buy a financial services, media or telecommunications company, according to a filing with the Securities and Exchange Commission. The so-called “blank check” company is headed by Mario Gabelli, who also is chairman of Gamco Investors Inc. of Rye, N.Y. Gabelli Entertainment has up to 30 months to find and purchase a business or be liquidated, according to terms of the S-1 form filed with the government. Frederic Salerno, former vice chairman and chief financial officer of Verizon Communications Inc. of New York, will serve as Gabelli Entertainment's chief executive and will be responsible for seeking deals.