Filed Pursuant to Rule 424(b)(3)
                                                     Registration No. 333-112208

Prospectus Supplement
(To Prospectus dated March 24, 2004)


                             GREY GLOBAL GROUP INC.
  - $150,000,000 5.0% CONTINGENT CONVERTIBLE SUBORDINATED DEBENTURES DUE
                                      2033
                                       AND
           THE COMMON STOCK ISSUABLE UPON CONVERSION OF THE DEBENTURES

                   - 51,128 ADDITIONAL SHARES OF COMMON STOCK


     This prospectus supplement supplements the prospectus dated March 24, 2004
of Grey Global Group Inc., as supplemented on May 7, 2004, July 1, 2004 and
September 7, 2004, relating to the sale by certain of our securityholders
(including their pledgees, donees, assignees, transferees, successors and others
who later hold any of the selling securityholders' interests) of up to
$150,000,000 aggregate principal amount at maturity of our 5.0% Contingent
Convertible Subordinated Debentures Due 2033, or the debentures, and the shares
of common stock issuable upon conversion of the debentures. You should read this
prospectus supplement in conjunction with the prospectus, and this prospectus
supplement is qualified by reference to the prospectus, except to the extent
that the information in this prospectus supplement supersedes the information
contained in the prospectus.

     The following represents updated information regarding the selling
securityholders listed in the selling securityholders table in the prospectus:



                                    PRINCIPAL                            NUMBER OF
                                    AMOUNT OF         PRINCIPAL          SHARES OF         NUMBER OF
                                   DEBENTURES         AMOUNT OF         COMMON STOCK       SHARES OF
                                  BENEFICIALLY        DEBENTURES        BENEFICIALLY      COMMON STOCK
       NAME OF SELLING           OWNED PRIOR TO     OFFERED BY THIS    OWNED PRIOR TO    OFFERED BY THIS
      SECURITYHOLDER(1)          THIS OFFERING        PROSPECTUS      THIS OFFERING(2)    PROSPECTUS(2)
      -----------------          --------------     ---------------   ----------------   ---------------
                                                                             
Argent LowLev
Convertible Arbitrage Fund
II, LLC....................      $100,000           $100,000          104                104
Deutsche Bank Securities...      8,100,000          8,100,000         8,426              8,426


(1)  Information concerning the selling securityholders may change from time to
     time. Any such changed information will be set forth in amendments or
     supplements to this prospectus, if and when required.

(2)  Unless otherwise indicated, includes all shares of common stock issuable
     upon conversion of the debentures and assumes a conversion price of $961.20
     per share and a cash payment in lieu of any fractional share. However, this
     conversion price will be subject to adjustment as described under
     "Description of the Debentures --

     Conversion Rights -- Conversion Price Adjustments -- General" in the
     prospectus. As a result, the number of shares of common stock beneficially
     owned prior to this offering and the number of shares of common stock
     offered hereby may increase or decrease in the future. Also assumes that
     the debentures are convertible immediately. As described above under
     "Description of the Debentures -- Conversion Rights" in the prospectus, the
     debentures are convertible only in specified circumstances.

     INVESTING IN THE DEBENTURES OR SHARES OF OUR COMMON STOCK INVOLVES RISKS
THAT ARE DESCRIBED IN THE "RISK FACTORS" SECTION BEGINNING ON PAGE 6 OF THE
PROSPECTUS.

     Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this
prospectus supplement is truthful or complete. Any representation to the
contrary is a criminal offense.


           The date of this prospectus supplement is October 5, 2004.



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