<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1994 AND THE CONDENSED
CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1994 OF
GREY ADVERTISING INC. AND CONSOLIDATED SUBSIDIARY COMPANIES AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               SEP-30-1994
<CASH>                                         132,748
<SECURITIES>                                         0
<RECEIVABLES>                                  389,814
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               628,225
<PP&E>                                         139,462
<DEPRECIATION>                                  79,025
<TOTAL-ASSETS>                                 824,675
<CURRENT-LIABILITIES>                          601,756
<BONDS>                                         33,025
<COMMON>                                         1,432
<PREFERRED-MANDATORY>                            7,116
<PREFERRED>                                          0
<OTHER-SE>                                     137,907
<TOTAL-LIABILITY-AND-EQUITY>                   824,675
<SALES>                                        430,350
<TOTAL-REVENUES>                               430,350
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               402,206
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               6,187
<INCOME-PRETAX>                                 26,702
<INCOME-TAX>                                    14,811
<INCOME-CONTINUING>                             11,638
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    11,638
<EPS-PRIMARY>                                     8.52
<EPS-DILUTED>                                     8.27