UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 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): December 10, 2004
                               (December 9, 2004)

                             GREY GLOBAL GROUP INC.

             (Exact name of registrant as specified in its charter)




             Delaware                   0-7898                   13-0802840
--------------------------------------------------------------------------------
 (State or other jurisdiction of     (Commission               (IRS Employer
          incorporation)             File Number)            Identification No.)


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

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

                                 Not Applicable
         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13.e-4(c))

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On December 9, 2004 Grey Global Group Inc. ("Company") entered into an agreement
with Stephen A. Novick providing for Mr. Novick's retirement from the Company
effective January 1, 2005, a copy of the agreement is attached hereto as Exhibit
99.1 and is incorporated by reference herein.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

99.1  Agreement, dated December 9, 2004, between Grey Global Group Inc. and
      Stephen A. Novick.

                            (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: December 10, 2004