<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1997 AND THE
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX
MONTH PERIODS ENDED JUNE 30, 1997 OF GREY ADVERTISING INC. AND CONSOLIDATED
SUBSIDIARY COMPANIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                          81,285
<SECURITIES>                                    36,637
<RECEIVABLES>                                  628,380
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               859,085
<PP&E>                                         186,722
<DEPRECIATION>                                 107,260
<TOTAL-ASSETS>                               1,113,494
<CURRENT-LIABILITIES>                          868,739
<BONDS>                                         23,025
<PREFERRED-MANDATORY>                           10,095
<PREFERRED>                                          0
<COMMON>                                         1,432
<OTHER-SE>                                     147,564
<TOTAL-LIABILITY-AND-EQUITY>                 1,113,494
<SALES>                                        394,956
<TOTAL-REVENUES>                               394,956
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               368,627
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               5,600
<INCOME-PRETAX>                                 28,075
<INCOME-TAX>                                    14,510
<INCOME-CONTINUING>                             12,275
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    12,275
<EPS-PRIMARY>                                     9.31
<EPS-DILUTED>                                     8.91