8-K

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


         Date of Report (Date of Earliest Event Reported): July 20, 2004


                             GREY GLOBAL GROUP INC.
               (Exact name of Registrant as specified in charter)

   Delaware                     0-7898                           13-0802840
(State or Other           (Commission File No.)               (I.R.S. Employer
Jurisdiction of                                              Identification No.)
 Incorporation)

                   777 Third Avenue, New York, New York 10017
          (Address of principal executive offices, including zip code)

                                 (212) 546-2000
              (Registrant's telephone number, including area code)

                                 Not applicable
          (Former Name or Former Address, if Changed Since Last Report)




ITEM 5. OTHER EVENTS.

This Form 8-K is being filed to provide the information set forth in Grey Global
Group Inc.'s July 20, 2004 press release, a copy of which is attached hereto as
Exhibit 99.1 and is incorporated by reference herein.

Exhibit 99.1 attached hereto is furnished pursuant to Item 5, "Other Events".

EXHIBITS

99.1 Press Release of Grey Global Group Inc. dated July 20, 2004.


                            (Signature page follows)



                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                     GREY GLOBAL GROUP INC.

                                                     By:  /s/ Steven G. Felsher
                                                        ------------------------
                                                        Name: Steven G. Felsher
                                                        Title: Vice Chairman

Dated:  July 20, 2004

EX-99.1

                                                                    Exhibit 99.1
                                                                    ------------


                                                             CONTACT: Jan Sneed
                                                             518-962-4360
                                                             917-543-4125



                              FOR IMMEDIATE RELEASE

New York, New York, July 20, 2004....Grey Global Group Inc. (NASDAQ: GREY)
confirmed today that Goldman Sachs & Co. and JP Morgan are assisting it in
exploring alternatives focused on enhancing shareholder value. The Company
stated that there is no assurance that this exploration will result in any
specific transaction, or as to what the terms or form of any such transaction
may be. The Company did indicate, however, that it does not intend to pursue a
sale of individual business units in connection with this process.

The Company also stated that it does not expect to disclose developments with
respect to its exploration of alternatives unless required.

                                       ***

Grey Global Group ranks among the largest global communications companies in the
world. Grey Global Group operates branded independent business units in many
communications disciplines including general advertising, public
relations/public affairs, direct marketing, internet communications, healthcare
marketing, brand strategy and design, and on-line and off-line media services.

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