EXHIBIT 99.1

FOR IMMEDIATE RELEASE                       CONTACT:   Steven G. Felsher
                                                       21-546-2440

                                                       Jan Sneed
                                                       212-546-2422

          Grey Global Group Inc. Announces Proposed Private Offering of
                 Contingent Convertible Subordinated Debentures
                 ----------------------------------------------

         NEW YORK, N.Y., October 21, 2003 - Grey Global Group Inc. (Nasdaq:
GREY) announced today that it is seeking to raise, subject to market and other
conditions, approximately $100 million through a private offering of contingent
convertible subordinated debentures. The Company may raise up to an additional
$25 million if the right granted to an initial purchaser to acquire additional
debentures in connection with the offering is exercised in full.

         The debentures will be convertible into shares of the Company's common
stock upon the happening of certain events and mature in 2033. Grey 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. The
closing of the sale of any securities shall be subject to the Company's
satisfaction with the final terms, including stock price, conversion premium and
coupon.

         This notice does not constitute an offer to sell or the solicitation of
an offer to buy any securities. The offering will be made only to qualified
institutional buyers in accordance with Rule 144A under the Securities Act of
1933. The securities to be 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 offer the debentures or consummate the offering, the anticipated
terms of the debentures and the offering and the anticipated use of 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.