EXHIBIT 99.1

FOR IMMEDIATE RELEASE                               CONTACT:   Steven G. Felsher
                                                               212-546-2440

                                                               Jan Sneed
                                                               212-546-2422

                GREY GLOBAL GROUP INC. PRICES PRIVATE OFFERING OF
             CONTINGENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2033

      NEW YORK, N.Y., October 23, 2003 - Grey Global Group Inc. (Nasdaq: GREY)
today announced the pricing of $125 million principal amount of its contingent
convertible subordinated debentures due 2033 (the "Debentures"). The Company has
also granted to the representative of the initial purchasers an option to
purchase up to an additional $25 million of the Debentures. The Debentures will
pay interest at a rate of 5.0% per annum plus, under certain circumstances
beginning in 2013, contingent interest of 0.50% per annum based on the average
trading price of the Debentures for a specified period prior to the applicable
six-month interest period.

      The Debentures are convertible into shares of Grey Global Group Inc.
common stock at an initial conversion price of $961.20 per share, which
represents a 35% premium based on the closing price of $712 per share for the
common stock on October 22, 2003, provided that any one of several contingencies
are met, including that the Company common stock has traded above $1,153.44 for
20 out of 30 trading days for specified periods of time.

      The Debentures may not be redeemed by the Company at its option prior to
October 15, 2013, but are redeemable at any time thereafter at par, plus accrued
and unpaid interest.

      The Company expects to use the net proceeds from the offering for working
capital and other general corporate purposes, which may include, without
limitation, possible acquisitions. The Company has no specific agreements or
commitments, and is not currently engaged in any negotiations, regarding any
material acquisition.

      This notice does not constitute an offer to sell or the solicitation of an
offer to buy securities. The offering was made only to qualified institutional
buyers in accordance with Rule 144A under the Securities Act of 1933. The
securities offered have not been registered under the Securities Act or any
state securities laws, and unless so registered may not be offered or sold in
the United States, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and applicable
state securities laws.

      This press release contains forward-looking statements within the meaning
of the federal securities laws relating to expectations, plans or prospects for
the Company, including those relating to whether or not the Company will
consummate the offering and the anticipated use of


                                       5

proceeds of the offering. These statements are based upon the current
expectations and beliefs of the Company's management and are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks and
uncertainties include market conditions and other factors beyond the Company's
control and the risk factors and other cautionary statements discussed in the
Company's filings with the U.S. Securities and Exchange Commission.


                                       6