<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1997 AND THE
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE THREE AND NINE
MONTH PERIODS ENDED SEPTEMBER 30, 1997 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-31-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                          54,635
<SECURITIES>                                    14,447
<RECEIVABLES>                                  659,340
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               838,728
<PP&E>                                         191,468
<DEPRECIATION>                                 110,259
<TOTAL-ASSETS>                               1,101,229
<CURRENT-LIABILITIES>                          846,228
<BONDS>                                         23,025
<PREFERRED-MANDATORY>                           10,222
<PREFERRED>                                          0
<COMMON>                                         1,432
<OTHER-SE>                                     151,359
<TOTAL-LIABILITY-AND-EQUITY>                 1,101,229
<SALES>                                        596,747
<TOTAL-REVENUES>                               596,747
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               559,124
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               8,400
<INCOME-PRETAX>                                 40,212
<INCOME-TAX>                                    20,565
<INCOME-CONTINUING>                             18,076
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    18,076
<EPS-PRIMARY>                                    13.60
<EPS-DILUTED>                                    13.04