Horizon Kinetics LLC

Horizon Asset Management, Inc., Kinetics Advisers, LLC, and Kinetics Asset Management, Inc., the investment adviser to Kinetics Mutual Funds, Inc., together with various affiliated companies, announced today that they will merge, effective May 1, 2011. The combined company, Horizon Kinetics LLC, will have $9.8 billion in assets under management, and will remain dedicated to the implementation of its research-based value investing strategies.