ascma_00.htm
 
 
 


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13D

Under the Securities Exchange Act of 1934



Ascent Media Corporation
(Name of Issuer)

Series A Common Stock
(Title of Class of Securities)


                                                                                               ________043632108_________
(CUSIP Number)

Peter D. Goldstein
GAMCO Investors, Inc.
One Corporate Center
Rye, New York 10580-1435
(914) 921-7732
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)


______________________ December 4, 2008________________________
(Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  .


 
1
 

CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
Gabelli Funds, LLC                                                                                              I.D. No.  13-4044523
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
   00-Funds of investment advisory clients
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   New York
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
144,358    (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
144,358    (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
144,358    (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
1.08%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    IA
 
 
2
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
GAMCO Asset Management Inc.                                                                    I.D. No.  13-4044521
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
 00-Funds of investment advisory clients
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   New York
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
455,537 (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
493,616 (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
493,616 (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
3.68%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    IA, CO
 
 
3
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
Gabelli Securities, Inc.                                                                                              I.D. No.  13-3379374
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
   00 – Client Funds
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   Delaware
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
1,100  (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
1,100  (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
1,100  (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
0.01%
14
 
 
Type of reporting person (SEE INSTRUCTIONS)
    HC, CO, IA
 
 
4
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
MJG Associates, Inc.                                                                                      I.D. No.  06-1304269
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
 
4
Source of funds (SEE INSTRUCTIONS)
00-Client Funds
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   Connecticut
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
225  (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
225   (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
225   (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
 (SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
 CO
 
 
5
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
Teton Advisors, Inc.                                                                                                           I.D. No.  13-4008049
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
00 – Funds of investment advisory clients
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   Delaware
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
66,700 (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
66,700 (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
66,700 (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
0.50%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)                                                                                                
    IA, CO
 
 
6
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
Gabelli Foundation, Inc.                                                                                     I.D. No.  94-2975159
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
WC
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   NV
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
 398     (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
   398     (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
   398     (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    00-Private Foundation
 
 
7
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
GGCP, Inc.                                                                                                                                                        I.D. No.  13-3056041
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
None
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   New York
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
200      (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
200     (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
200    (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)  X
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
 
14
 
 
Type of reporting person (SEE INSTRUCTIONS)
    HC, CO

 
8
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
GAMCO Investors, Inc.                                                                                                                                       I.D. No.  13-4007862
 
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)(a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
WC
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
  New York
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
2,850     (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
2,850     (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
2,850     (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)  X
13
 
 
 
Percent of class represented by amount in row (11)
 
0.02%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    HC, CO

 
9
 
CUSIP No.  043632108
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
Mario J. Gabelli
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS)                                                                                                                                          (a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
00 – Funds of a Private Entity
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   USA
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
257         (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
257         (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
257         (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)  X
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
14
 
 
Type of reporting person (SEE INSTRUCTIONS)
    IN

 
10
 
Item 1.                                Security and Issuer
The class of equity securities to which this statement on Schedule 13D relates is the Series A Common Stock of Ascent Media Corporation (the “Issuer”), a Delaware corporation with principal offices located at 520 Broadway, 5th Floor, Santa Monica, California 90401.

Item 2.                                Identity and Background
This statement is being filed by Mario J. Gabelli (“Mario Gabelli”) and various entities which he
directly or indirectly controls or for which he acts as chief investment officer.  These entities engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner of various private investment partnerships.  Certain of these entities may also make investments for their own accounts.
The foregoing persons in the aggregate often own beneficially more than 5% of a class of a particular issuer.  Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive.  In order to avoid any question as to whether their beneficial ownership is being reported on the proper form and in order to provide greater investment flexibility and administrative uniformity, these persons have decided to file their beneficial ownership reports on the more detailed Schedule 13D form rather than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary.
(a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc.  (“GGCP”), GAMCO Investors, Inc. (“GBL”), Gabelli Funds, LLC (“Gabelli Funds”), GAMCO Asset Management Inc. (“GAMCO”), Teton Advisors, Inc. (“Teton Advisors”), Gabelli Securities, Inc. (“GSI”), Gabelli & Company, Inc. (“Gabelli & Company”), MJG Associates, Inc. (“MJG Associates”), Gabelli Foundation, Inc. (“Foundation”),  and Mario Gabelli.  Those of the foregoing persons signing this Schedule 13D are hereafter referred to as the “Reporting Persons”.
GGCP makes investments for its own account and is the controlling shareholder of GBL.  GBL, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the securities business, including those named below.
GAMCO, a wholly-owned subsidiary of GBL, is an investment adviser registered under the Investment Advisers Act of 1940, as amended (“Advisers Act”).  GAMCO is an investment manager providing discretionary managed account services for employee benefit plans, private investors, endowments, foundations and others.
GSI, a majority-owned subsidiary of GBL, is an investment adviser registered under the Advisers Act and serves as a general partner or investment manager to limited partnerships and offshore investment companies.  As a part of its business, GSI may purchase or sell securities for its own account.  It is the immediate parent of Gabelli & Company. GSI is the general partner or investment manager of a number of funds or partnerships, including Gabelli Associates Fund, Gabelli Associates Fund II, Gabelli Associates Limited, ALCE Partners, L.P., and Gabelli Multimedia Partners, L.P.  GSI and Marc Gabelli own 45% and 55%, respectively, of Gabelli Securities International Limited (“GSIL”). GSIL provides investment advisory services to offshore funds and accounts.   GSIL is an investment advisor of Gabelli International Gold Fund Limited, Gabelli European Partners, Ltd., and Gabelli Global Partners, Ltd.
Gabelli & Company, a wholly-owned subsidiary of GSI, is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (“1934 Act”), which as a part of its business regularly purchases and sells securities for its own account.
Gabelli Funds, a wholly owned subsidiary of GBL, is a limited liability company. Gabelli Funds is an investment adviser registered under the Advisers Act which presently provides discretionary managed account services for The Gabelli Equity Trust Inc., The Gabelli Asset Fund, The GAMCO Growth Fund, The Gabelli Convertible and Income Securities Fund Inc., The Gabelli Value Fund Inc., The Gabelli Small Cap Growth Fund, The Gabelli Equity Income Fund, The Gabelli ABC Fund, The GAMCO Global Telecommunications Fund, GAMCO Gold Fund, Inc., The Gabelli Global Multimedia Trust Inc., The GAMCO Global Convertible Securities Fund, Gabelli Capital Asset Fund, GAMCO International Growth Fund, Inc., The GAMCO Global Growth Fund, The Gabelli Utility Trust, The GAMCO Global Opportunity Fund, The Gabelli Utilities Fund, The Gabelli Blue Chip Value Fund, The GAMCO Mathers Fund, The Gabelli Woodland Small Cap Value Fund, The Comstock Capital Value Fund, The Comstock Strategy Fund, The Gabelli Dividend and Income Trust, The Gabelli Global Utility & Income Trust, The Gabelli Global Gold, Natural Resources, & Income Trust, The Gabelli Global Deal Fund, Gabelli Enterprise M&A Fund, The Gabelli SRI Fund, Inc. and The Gabelli Healthcare & Wellness Rx Trust (collectively, the “Funds”), which are registered investment companies.
GBL is the largest shareholder of Teton Advisors, an investment adviser registered under the Advisers Act, which provides discretionary advisory services to The GAMCO Westwood Mighty Mitessm Fund, The GAMCO Westwood Income Fund, The GAMCO Westwood Small Cap Fund and BB Micro-Cap Growth Fund.
MJG Associates provides advisory services to private investment partnerships and offshore funds.  Mario Gabelli is the sole shareholder, director and employee of MJG Associates.   MJG Associates is the Investment Manager of Gabelli International Limited, Gabelli International II Limited and Gabelli Fund, LDC.  Mario J. Gabelli is the general partner of Gabelli Performance Partnership, LP.
The Foundation is a private foundation.  Mario Gabelli is the Chairman, a Trustee and the
Investment Manager of the Foundation. Elisa Gabelli Wilson is the President of the Foundation.
Mario Gabelli is the majority stockholder, Chief Executive Officer and a director of GGCP and Chairman and Chief Executive Officer of GBL.
The Reporting Persons do not admit that they constitute a group.
GBL, GAMCO, and Gabelli & Company are New York corporations and GSI and Teton Advisors are Delaware corporations, each having its principal business office at One Corporate Center, Rye, New York 10580. GGCP is a New York corporation having its principal business office at 140 Greenwich Avenue, Greenwich, CT 06830. Gabelli Funds is a New York limited liability company having its principal business office at One Corporate Center, Rye, New York 10580.  MJG Associates is a Connecticut corporation having its principal business office at 140 Greenwich Avenue, Greenwich, CT 06830.  The Foundation is a Nevada corporation having its principal offices at 165 West Liberty Street, Reno, Nevada 89501.
For information required by instruction C to Schedule 13D with respect to the executive officers and directors of the foregoing entities and other related persons (collectively, “Covered Persons”), reference is made to Schedule I annexed hereto and incorporated herein by reference.
(f) - Reference is made to Schedule I hereto.

Item 3.                                Source and Amount of Funds or Other Consideration
The Reporting Persons used an aggregate of approximately $16,962,448 to purchase the Securities reported as beneficially owned in Item 5. GAMCO and Gabelli Funds used approximately $11,580,454 and $3,642,814, respectively, of funds that were provided through the accounts of certain of their investment advisory clients (and, in the case of some of such accounts at GAMCO, may be through borrowings from client margin accounts) in order to purchase the Securities for such clients. GSI used approximately $36,717 of client funds to purchase the Securities reported by it. MJG Associates used approximately $12,630 of client funds to purchase the Securities reported by it. Teton Advisors used approximately $1,583,628 of funds of investment advisory clients to purchase the Securities reported by it. Foundation used approximately $5,941 of working capital to purchase the Securities reported by it. GBL used approximately $80,006 of working capital to purchase the Securities reported by it. GGCP used approximately $5,052 of working capital to purchase the Securities reported by it. Mario Gabelli used approximately 15,206 of funds of a private entity to purchase the Securities reported by it.

Item 4.                                Purpose of Transaction
Each of the Reporting Persons has purchased and holds the Securities reported by it for investment for one or more accounts over which it has shared, sole, or both investment and/or voting power, for its own account, or both.
The Reporting Persons are engaged in the business of securities analysis and investment and pursue an investment philosophy of identifying undervalued situations.  In pursuing this investment philosophy, the Reporting Persons analyze the operations, capital structure and markets of companies in which they invest, including the Issuer, on a continuous basis through analysis of documentation and discussions with knowledgeable industry and market observers and with representatives of such companies (often at the invitation of management).  The Reporting Persons do not believe they possess material inside information concerning the Issuer.  As a result of these analytical activities one or more of the Reporting Persons may issue analysts reports, participate in interviews or hold discussions with third parties or with management in which the Reporting Person may suggest or take a position with respect to potential changes in the operations, management or capital structure of such companies as a means of enhancing shareholder values.  Such suggestions or positions may relate to one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D including, without limitation, such matters as disposing of one or more businesses, selling the company or acquiring another company or business, changing operating or marketing strategies, adopting or not adopting, certain types of anti-takeover measures and restructuring the company’s capitalization or dividend policy.
Each of the Reporting Persons intends to adhere to the foregoing investment philosophy with respect to the Issuer.  However, none of the Reporting Persons intends to seek control of the Issuer or participate in the management of the Issuer, and any Reporting Person that is registered as an investment company under the 1940 Act will participate in such a transaction only following receipt of an exemption from the SEC under Rule 17d-1 under the 1940 Act, if required, and in accordance with other applicable law.  In pursuing this investment philosophy, each Reporting Person will continuously assess the Issuer’s business, financial condition, results of operations and prospects, general economic conditions, the securities markets in general and those for the Issuer’s securities in particular, other developments and other investment opportunities, as well as the investment objectives and diversification requirements of its shareholders or clients and its fiduciary duties to such shareholders or clients.  Depending on such assessments, one or more of the Reporting Persons may acquire additional Securities or may determine to sell or otherwise dispose of all or some of its holdings of Securities.  Although the Reporting Persons share the same basic investment philosophy and although most portfolio decisions are made by or under the supervision of Mario Gabelli, the investment objectives and diversification requirements of various clients differ from those of other clients so that one or more Reporting Persons may be acquiring Securities while others are disposing of Securities.
With respect to voting of the Securities, the Reporting Persons have adopted general voting policies relating to voting on specified issues affecting corporate governance and shareholder values.  Under these policies, the Reporting Persons generally vote all securities over which they have voting power in favor of cumulative voting, financially reasonable golden parachutes, one share one vote, management cash incentives and pre-emptive rights and against greenmail, poison pills, supermajority voting, blank check preferred stock and super-dilutive stock options.  Exceptions may be made when management otherwise demonstrates superior sensitivity to the needs of shareholders.  In the event that the aggregate voting position of all joint filers shall exceed 25% of the total voting position of the issuer then the proxy voting committees of each of the Funds shall vote their Fund’s shares independently.
Each of the Covered Persons who is not a Reporting Person has purchased the Securities reported herein as beneficially owned by him for investment for his own account or that of one or more members of his immediate family.  Each such person may acquire additional Securities or dispose of some or all of the Securities reported herein with respect to him.
Other than as described above, none of the Reporting Persons and none of the Covered Persons who is not a Reporting Person has any present plans or proposals which relate to or would result in any transaction, change or event specified in clauses (a) through (j) of Item 4 of Schedule 13D.




Item 5.                                Interest In Securities Of The Issuer
(a) The aggregate number of Securities to which this Schedule 13D relates is 709,704 shares, representing 5.30% of the 13,399,099 shares outstanding as reported in the Issuer’s most recent Form 10-Q for the quarterly period ended September 30, 2008.  The Reporting Persons beneficially own those Securities as follows:
 
 
Name
 
Shares of
Common Stock
 
% of Class of
Common
 
GAMCO
 
493,616
 
3.68%
 
Gabelli Funds
 
GSI
 
MJG Associates
 
Teton Advisors
 
Foundation
 
GBL
 
GGCP
 
Mario Gabelli
 
 
 
144,358
 
1,100
 
225
 
66,700
 
398
 
2,850
 
200
 
257
 
1.08%
 
0.01%
 
0.00%
 
0.50%
 
0.00%
 
0.02%
 
0.00%
 
0.00%
Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons.  GSI is deemed to have beneficial ownership of the Securities owned beneficially by Gabelli & Company.  GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation.
(b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have the authority to vote 38,079 of the reported shares,  (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund’s shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special  circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons.
(c) Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by each of the Reporting Persons and Covered Persons is set forth on Schedule II annexed hereto and incorporated herein by reference.
(d) The investment advisory clients of, or partnerships managed by, GAMCO, Gabelli Funds, Teton Advisers and MJG Associates have the sole right to receive and, subject to the notice, withdrawal and/or termination provisions of such advisory contracts and partnership arrangements, the sole power to direct the receipt of dividends from, and the proceeds of sale of, any of the Securities beneficially owned by such Reporting Persons on behalf of such clients or partnerships.  Except as noted, no such client or partnership has an interest by virtue of such relationship that relates to more than 5% of the Securities.
(e) Not applicable.

Item 6.                                Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
The powers of disposition and voting of Gabelli Funds, Teton Advisers, GAMCO, GSI and MJG Associates with respect to Securities owned beneficially by them on behalf of their investment advisory clients, and of MJG Associates and GSI with respect to Securities owned beneficially by them on behalf of the partnerships which they directly or indirectly manage, are held pursuant to written agreements with such clients, partnerships and funds.

Item 7.                                Material to be Filed as an Exhibit
The following Exhibit A is attached hereto.  The following Exhibit B is incorporated by reference to Exhibit A in the Amendment No. 2 to Schedule 13D of the Reporting Persons with respect to Lifecore Biomedical, Inc.
Exhibit A:
Joint Filing Agreement
 

Exhibit B:
Powers of Attorney to Peter D. Goldstein, Christopher J. Michailoff, and Douglas R. Jamieson from Mario J. Gabelli
 
 





 
11
 

Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated:                      December 15, 2008

                                MARIO J. GABELLI
MJG ASSOCIATES, INC.
GABELLI FOUNDATION
GGCP, INC.
GABELLI SECURITIES, INC.
                GABELLI FUNDS, LLC
                                                                                TETON ADVISORS, INC.
GAMCO ASSET MANAGEMENT INC
GAMCO INVESTORS, INC.



          By:/s/ Douglas R. Jamieson                                                                                     
          Douglas R. Jamieson
          Attorney-in-Fact for Mario J. Gabelli, MJG Associates, Inc. and
                                                                                                  Gabelli Foundation
          President, Gabelli Securities, Inc.
          Director – GGCP, Inc.
                                                                                          President & Chief Operating Officer of the sole member of
                 Gabelli Funds, LLC.
          Director – Teton Advisors, Inc.
                                                                                          President – GAMCO Asset Management Inc.
                                                                                          President & Chief Operating Officer – GAMCO  Investors, Inc.

 
12
 

 Schedule I
                         Information with Respect to Executive
                    Officers and Directors of the Undersigned
Schedule I to Schedule 13D is amended, in pertinent part, as follows:

The following sets forth as to each of the executive officers and directors of the undersigned: his name; his business address; his present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted.  Unless otherwise specified, the principal employer of each such individual is GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli Securities, Inc., Gabelli & Company, Inc., Teton Advisors, Inc., or GAMCO Investors, Inc., the business address of each of which is One Corporate Center, Rye, New York 10580, and each such individual identified below is a citizen of the United States.  To the knowledge of the undersigned, during the last five years, no such person has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), and no such person was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which he was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities law or finding any violation with respect to such laws except as reported in Item 2(d) of this Schedule 13D.















 
 
13
 




GGCP, Inc.
Directors:
  
Vincent J. Amabile
 
               Mario J. Gabelli
 
Business Consultant
 
Chief Executive Officer of GGCP, Inc., and Chairman & Chief Executive Officer of GAMCO Investors, Inc.; Director/Trustee of all registered investment companies advised by Gabelli Funds, LLC.
 
Marc J. Gabelli
 
Chairman of The LGL Group, Inc.
 
Matthew R. Gabelli
 
Vice President – Trading
Gabelli & Company, Inc.
One Corporate Center
Rye, New York 10580
 
Charles C. Baum
 
 
 
 
               Douglas R. Jamieson
 
Secretary & Treasurer
United Holdings Co., Inc.
2545 Wilkens Avenue
Baltimore, MD   21223
 
See below
Joseph R. Rindler, Jr.
 
Account Executive for GAMCO Asset Management Inc.
               Fredric V. Salerno
Chairman; Former Vice Chairman and Chief Financial Officer
Verizon Communications
 
Vincent Capurso
Vice President Taxes, Barnes & Noble, Inc.
 
Vincent S. Tese
 
Former Director GAMCO Investors, Inc.
 
               Michael Gabelli
 
 
Director
   
Officers:
  
Mario J. Gabelli
 Chief Executive Officer and Chief Investment Officer
 
Michael G. Chieco
Chief Financial Officer, Secretary
 
   
GAMCO Investors, Inc.
Directors:
  
 
               Edwin L. Artzt
 
 
 
 
Raymond C. Avansino
 
 
 
              Richard L. Bready
 
Former Chairman and Chief Executive Officer
Procter & Gamble Company
900 Adams Crossing
Cincinnati, OH 45202
 
Chairman & Chief Executive Officer
E.L. Wiegand Foundation
Reno, NV 89501
 
Chairman and Chief Executive Officer
Nortek, Inc.
50 Kennedy Plaza
Providence, RI 02903
 
Mario J. Gabelli
 
               John D. Gabelli
See above
 
Senior Vice President
   
               Eugene R. McGrath
 
Former Chairman and Chief Executive Officer
Consolidated Edison, Inc.
 
               Robert S. Prather
 
 
 
 
President & Chief Operating Officer
Gray Television, Inc.
4370 Peachtree Road, NE
Atlanta, GA 30319
Officers:
  
Mario J. Gabelli
 
Chairman and Chief Executive Officer
 
Douglas R. Jamieson
 
Henry G. Van der Eb
 
Jeffrey M. Farber
 
Christopher Michailoff
President and Chief Operating Officer
 
Senior Vice President
 
Executive Vice President and Chief Financial Officer
 
Acting Secretary
   
GAMCO Asset Management Inc.
Directors:
 
  
Douglas R. Jamieson
Regina M. Pitaro
William S. Selby
 
  
Officers:
 
  
Mario J. Gabelli
Chief Investment Officer – Value Portfolios
 
   
Douglas R. Jamieson
 
 
Jeffrey M. Farber
 
 
               Chistopher J. Michailoff
President
 
 
Chief Financial Officer
 
 
General Counsel and Secretary
 
Gabelli Funds, LLC
Officers:
 
  
Mario J. Gabelli
 
Chief Investment Officer – Value Portfolios
Bruce N. Alpert
Executive Vice President and Chief Operating Officer
 
               Agnes Mullady
Vice President and President Closed-End Fund Division
 
 
 
Teton Advisors, Inc.
Directors:
 
  
Bruce N. Alpert
 
               Douglas R. Jamieson
 
               Nicholas F. Galluccio
 
              Alfred W. Fiore
 
              Edward T. Tokar
 
See above
 
See above
 
Chief Executive Officer and President
 
See below
 
Beacon Trust
Senior Managing Director
333 Main Street
Madison, NJ 07940
 
Officers:
 
  
Bruce N. Alpert
 
               Nicholas F. Galluccio
 
               Jeffrey M. Farber
Chairman
 
See above
 
Chief Financial Officer
   
Gabelli Securities, Inc.
 
  
Directors:
 
  
Robert W. Blake
President of W. R. Blake & Sons, Inc.
196-20 Northern Boulevard
Flushing, NY   11358
 
Douglas G. DeVivo
General Partner of ALCE Partners, L.P.
One First Street, Suite 16
Los Altos, CA   94022
 
 
               Douglas R. Jamieson
 
 
President
 

Officers:
 
  
Douglas R. Jamieson
 
               Christopher J. Michailoff
 
               Kieran Caterina
See above
 
Secretary
 
Chief Financial Officer
 
 
Gabelli & Company, Inc.
Directors:
 
  
James G. Webster, III
Chairman & Interim President
 
Irene Smolicz
Senior Trader
Gabelli & Company, Inc.
 
 
Officers:
  
James G. Webster, III
See Above
 
Bruce N. Alpert
 
                Diane M. LaPointe
Vice President - Mutual Funds
 
Controller/Financial and Operations Principal
 
   



















 
14
 


                                    SCHEDULE II
                            INFORMATION WITH RESPECT TO
                 TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR
                 SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)
                                   SHARES PURCHASED        AVERAGE
                        DATE            SOLD(-)             PRICE(2)
 
 COMMON STOCK-ASCENT MEDIA CORPORATION SERIES A
    
 
          GABELLI SECURITIES, INC.
        
                      12/03/08            2,000-          19.9758
                      11/26/08              970            20.0670
                      11/18/08            2,000-          22.2449
          GAMCO ASSET MANAGEMENT INC.
        
                      12/12/08            1,000-         18.6557
                      12/10/08                5-            19.8380
                      12/09/08               25-           19.5496
                      12/09/08              750-          19.8124
                      12/08/08            3,000           20.0662
                      12/08/08            4,000           20.0800
                      12/08/08            1,500           20.0878
                      12/08/08            1,000           20.1095
                      12/05/08                7-            19.7486
                      12/04/08               25-           19.9796
                      12/04/08               37-           19.8497
                      12/03/08            2,000           20.0123
                      12/03/08            5,000           19.9603
                      12/03/08              490            20.0800
                      12/02/08               16-            19.5894
                      12/02/08              500            20.0936
                      11/28/08              750            20.0981
                      11/28/08               10-            13.1330
                      11/28/08               60-            19.5305
                      11/28/08            3,999           20.0439
                      11/28/08            1,000           20.0764
                      11/28/08              500-           19.5040
                      11/28/08               25-            17.0336
                      11/28/08            5,000           20.0244
                      11/28/08              195            20.3447
                      11/28/08            1,000           20.1414
                      11/28/08               23-            16.8074
                      11/26/08            4,000           19.7508
                      11/26/08            2,000           19.7789
                      11/26/08            2,000           19.9770
                      11/26/08            1,900           19.7806
                      11/26/08            2,100           19.7774
                      11/26/08                5-             16.5980
                      11/25/08                7-             10.8529
                      11/25/08               37-            18.3830
                      11/25/08               50-            18.8398
                      11/25/08            1,000-          20.0748
                      11/25/08              500-           20.0098
                      11/25/08               10-            13.6390
                      11/25/08               15-            15.8060
                      11/24/08              500            20.6000
                      11/24/08            4,000           20.6148
                      11/24/08            2,000           20.6470
                      11/24/08            1,000           20.6473
                      11/24/08            2,000           20.5900
                      11/24/08              434            20.7321
                      11/21/08                7-             20.2271
                      11/21/08               36-            20.2283
                      11/21/08               15-            20.2280
                      11/20/08                5-             20.7980
                      11/20/08               52-            19.9231
                      11/20/08            1,000-          20.4169
                      11/20/08               20-            17.2315
                      11/20/08               51             20.4800
                      11/19/08            1,600           22.0300
                      11/19/08            2,944           22.0221
                      11/18/08               10-            15.5990
                      11/18/08              500            23.2600
                      11/18/08            1,056           22.0616
                      11/18/08              400            22.0300
                      11/14/08               43-            21.5998
                      11/14/08                2-             19.5000
                      11/13/08               15-            20.8293
                      11/12/08                7-             21.8929
                      11/07/08              876            23.2889
                      11/07/08              850            23.2912
                      11/07/08               23-            23.2696
                      11/07/08               15-            23.2693
                      11/07/08            4,849           23.2281
                      11/06/08            5,151           23.2326
                      11/05/08              700            24.4843
                      11/05/08                3-             24.2167
                      11/03/08              195            25.2051
                      11/03/08            1,161           25.0200
                      11/03/08              193            25.2031
                      11/03/08              570            25.2000
                      11/03/08              185            25.1946
                      11/03/08              195            25.1944
                      11/03/08              195            25.2026
                      10/31/08              190            24.9289
                      10/31/08              185            25.0975
                      10/30/08               14-           23.3579
                      10/30/08               27-           23.3585
                      10/30/08            5,550          23.2463
                      10/29/08            1,250          23.7592
                      10/29/08            2,900          23.2310
                      10/29/08            3,194          23.6000
                      10/29/08            2,200          23.3454
                      10/29/08              850           23.5905
                      10/29/08            1,800          23.3520
                      10/29/08            2,000          23.3484
                      10/28/08               15-           23.3693
                      10/27/08              200-          22.4249
                      10/27/08            1,000          23.1182
                      10/23/08            2,436          23.9463
                      10/23/08            1,925          23.9534
                      10/22/08            1,300          24.2262
                      10/21/08              380           23.2541
                      10/21/08              300           23.2997
                      10/21/08              444           23.2294
                      10/21/08              410           23.2415
                      10/21/08              699           23.1760
                      10/21/08              721           23.1731
                      10/21/08              303           23.2975
                      10/21/08            1,200          23.2455
                      10/21/08              418           23.2385
                      10/21/08            1,769          23.1565
                      10/21/08              350           23.2687
                      10/21/08              834           23.2389
                      10/21/08              879           23.1570
                      10/21/08              750           23.2563
                      10/21/08              370           23.2587
                      10/21/08            1,908          23.1511
                      10/21/08              900           23.1552
                      10/21/08              886           23.1564
                      10/20/08              100           22.2400
                      10/20/08              686           22.6584
                      10/20/08              917           22.6345
                      10/20/08              915           22.6346
                      10/20/08              910           22.6350
                      10/20/08            2,721          22.6353
                      10/20/08              500           22.4999
                      10/20/08              202           22.8854
                      10/20/08              413           22.7210
                      10/20/08              417           22.7195
                      10/20/08               50-           22.5198
                      10/20/08            5,000           22.4880
                      10/17/08            1,801           22.4998
                      10/17/08            1,250           22.5157
                      10/17/08            2,000           22.4962
                      10/17/08              900            22.5359
                      10/17/08              800            22.5450
                      10/17/08              750            22.5504
                      10/17/08              424            22.6170
                      10/17/08              375            22.6370
                      10/17/08              175            22.8351
                      10/17/08              365            22.6418
                      10/17/08              350            22.6494
                      10/17/08              354            22.6473
                      10/17/08              364            22.6423
                      10/16/08            2,844           23.0623
                      10/16/08              900            23.1116
                      10/16/08            1,450           23.0842
                      10/16/08            2,813           23.0625
                      10/16/08            3,865           23.0562
                      10/16/08            2,851           23.0622
                      10/16/08            3,000           23.0611
                      10/16/08            3,825           23.0564
                      10/15/08              500            23.0300
                      10/15/08            3,800           23.0100
                      10/15/08            4,325           22.9548
                      10/15/08            4,500           22.9542
                      10/15/08              100            23.4400
          TETON ADVISORS, INC.
                      12/04/08           23,200            20.0185
                      12/03/08           12,800            20.0311
                      10/31/08            1,000-           24.6500
                      10/30/08            1,000-           24.2199
                      10/17/08            1,000            22.3300
          GABELLI FUNDS, LLC.
             GABELLI VALUE FUND
                      10/15/08            2,000            23.0200
             GABELLI EQUITY TRUST
                      11/17/08            1,000           22.9788
                      10/15/08              400            22.8950
 
(1) UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED
    ON THE NASDAQ GLOBAL MARKET.
        
 
(2) PRICE EXCLUDES COMMISSION.
          
 
(*) RESULTS IN CHANGE OF DISPOSITIVE POWER AND BENEFICIAL OWNERSHIP.
                 


























 
15
 


Exhibit A

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(f) under the securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Entities (as such term is defined in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Series A Common Stock of Ascent Media Corporation, and that this Agreement be included as an Exhibit to such joint filing.  This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this December 15, 2008.

 
MARIO J. GABELLI
GGCP, INC.
MJG ASSOCIATES, INC.
GABELLI FOUNDATION, INC.
GABELLI FUNDS, LLC
TETON ADVISORS, INC.
GAMCO ASSET MANAGEMENT INC.
GAMCO INVESTORS, INC.
GABELLI SECURITIES, INC.
GABELLI & COMPANY, INC.
 
By:/s/ Douglas R. Jamieson                                                                           
     Douglas R. Jamieson
     Attorney-in-Fact for Mario J. Gabelli & MJG Associates, Inc.
     President, Gabelli Securities, Inc.
     Director – GGCP, Inc.
     Director – Teton Advisors, Inc.
     President & Chief Operating Officer of the sole member of
                    Gabelli Funds, LLC.
     President – GAMCO Asset Management Inc.
     President & Chief Operating Officer – GAMCO  Investors, Inc.
 
 


 
16