<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>greysch13g.txt
<DESCRIPTION>SCHEDULE 13G - GREY GLOBAL
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                     UNDER THE SECURITIES EXCHANGE ACT 1934*



                             Grey Global Group Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                          Common Stock, $0.01 par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    39787M108
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2004
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed

        Rule 13d-1(b)

    [X] Rule 13d-1(c)

        Rule 13d-1(d)


---------------------

*  The remainder of this cover page shall be filled out for a reporting
   person's initial filing on this form with respect to the subject class
   of securities, and for any subsequent amendment containing information
   which would alter the disclosures provided in a prior cover page.


The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


<PAGE>

----------------------------
CUSIP No. 39787M108
----------------------------


--------------------------------------------------------------------------------

    1       NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

                     Mason Capital Management LLC, in its capacity as investment
            manager for certain investment funds and managed accounts
--------------------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [X]
--------------------------------------------------------------------------------
    3       SEC USE ONLY

--------------------------------------------------------------------------------
    4       CITIZENSHIP OR PLACE OF ORGANIZATION

                     Delaware
--------------------------------------------------------------------------------
    NUMBER OF           5      SOLE VOTING POWER
     SHARES
  BENEFICIALLY                       52,904 Common Shares
    OWNED BY         -----------------------------------------------------------
      EACH              6      SHARED VOTING POWER
    REPORTING
   PERSON WITH                       -0-
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

                                     52,904 Common Shares

                        8      SHARED DISPOSITIVE POWER

                                       -0-
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     52,904 Common Shares
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

            CERTAIN SHARES*
--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                     4.4%
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON*

                     PN
--------------------------------------------------------------------------------


                      *SEE INSTRUCTIONS BEFORE FILLING OUT


                                        2
<PAGE>

----------------------------
CUSIP No. 39787M108
----------------------------


--------------------------------------------------------------------------------

    1       NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

                     Mason Capital, LP
--------------------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [X]
--------------------------------------------------------------------------------
    3       SEC USE ONLY

--------------------------------------------------------------------------------
    4       CITIZENSHIP OR PLACE OF ORGANIZATION

                     Delaware
--------------------------------------------------------------------------------
    NUMBER OF           5      SOLE VOTING POWER
     SHARES
  BENEFICIALLY                       19,644 Common Shares
    OWNED BY         -----------------------------------------------------------
      EACH              6      SHARED VOTING POWER
    REPORTING
   PERSON WITH                       -0-
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

                                     19,644 Common Shares

                        8      SHARED DISPOSITIVE POWER

                                       -0-
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     19,644 Common Shares
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

            CERTAIN SHARES*
--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                     1.6%
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON*

                     PN
--------------------------------------------------------------------------------


                      *SEE INSTRUCTIONS BEFORE FILLING OUT


                                        3
<PAGE>


----------------------------
CUSIP No. 39787M108
----------------------------


--------------------------------------------------------------------------------

    1       NAME OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

                     Mason Capital, Ltd.
--------------------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [X]
--------------------------------------------------------------------------------
    3       SEC USE ONLY

--------------------------------------------------------------------------------
    4       CITIZENSHIP OR PLACE OF ORGANIZATION

                     Cayman Islands
--------------------------------------------------------------------------------
    NUMBER OF           5      SOLE VOTING POWER
     SHARES
  BENEFICIALLY                       29,124 Common Shares
    OWNED BY         -----------------------------------------------------------
      EACH              6      SHARED VOTING POWER
    REPORTING
   PERSON WITH                       -0-
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

                                     29,124 Common Shares

                        8      SHARED DISPOSITIVE POWER

                                       -0-
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     29,124 Common Shares
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

            CERTAIN SHARES*
--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                     2.4%
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON*

                     CO
--------------------------------------------------------------------------------


                      *SEE INSTRUCTIONS BEFORE FILLING OUT


                                        4

<PAGE>


                                  SCHEDULE 13G


ITEM 1(a).   NAME OF ISSUER:
             --------------

             Grey Global Group Inc.


ITEM 1(b).   ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
             -----------------------------------------------
             777 Third Avenue
             New York, New York 10017


ITEM 2.(a),  NAME OF PERSON FILING; ADDRESS
(b) AND (c)  OF PRINCIPAL BUSINESS OFFICE; CITIZENSHIP:
             -----------------------------------------

         This Schedule is being filed jointly by the following reporting persons
(hereinafter sometimes collectively referred to as the "Reporting Persons")
pursuant to an Agreement of Joint Filing attached hereto as Exhibit A:

         (i)   Mason Capital Management LLC ("Mason Management"), a Delaware
               limited liability company.

         (ii)  Mason Capital, LP ("Mason Capital LP"), a Delaware limited
               partnership.

         (iii) Mason Capital, Ltd. ("Mason Capital Ltd"), a corporation
               organized under the laws of the Cayman Islands.

         Mason Management is the investment manager of Mason Capital LP and
Mason Capital Ltd.

         Mason Management is also filing this statement on behalf of certain
other funds and accounts ("Managed Accounts") over which it has discretionary
investment authority.

ITEM 2(b).  ADDRESS OF PRINCIPAL BUSINESS OFFICE:
            ------------------------------------

         The address of each of Mason Management, Mason Capital LP and Mason
Capital Ltd, for purposes of this filing, is:

                              110 East 59th Street
                            New York, New York 10082

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:
            ----------------------------
            Common Stock, par value $0.01 per share.


                                        5

<PAGE>


ITEM 2(e).  CUSIP NUMBER:
            ------------
            39787M108


ITEM 4.(a),
(b) AND (c) OWNERSHIP.
            ---------

         Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

         (i)   Mason Management
               ----------------

               (a) Amount beneficially owned: 52,904 shares.

               (b) Percent of class: 4.4%.

               (c) Number of shares as to which such person has:

                    (i) Sole power to vote or direct the vote 52,904 shares.

                    (ii)  Shared power to vote or direct the vote -0-.

                    (iii) Sole power to dispose or direct the disposition of
                          52,904 shares.

                    (iv)  Shared power to dispose or direct the disposition of
                          -0-.

         (ii)  Mason Capital LP
               ----------------

               (a) Amount beneficially owned: 19,644 shares.

               (b) Percent of class: 1.6%.

               (c) Number of shares as to which such person has:

                    (i) Sole power to vote or direct the vote 19,644 shares.

                    (ii)  Shared power to vote or direct the vote -0-.

                    (iii) Sole power to dispose or direct the disposition of
                          19,644 shares.

                    (iv)  Shared power to dispose or direct the disposition of
                          -0-.

         (iii) Mason Capital Ltd.
               -----------------

               (a) Amount beneficially owned: 29,124 shares.

               (b) Percent of class: 2.4%.

               (c) Number of shares as to which such person has:

                    (i) Sole power to vote or direct the vote 29,124 shares.

                    (ii) Shared power to vote or direct the vote -0-.



                                        6
<PAGE>


                    (iii) Sole power to dispose or direct the disposition of
                          29,124 shares.

                    (iv)  Shared power to dispose or direct the disposition of
                          -0-.

         The number of shares beneficially owned and the percentage of
outstanding shares represented thereby, for each of the Reporting Persons, have
been computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended. The percentage of ownership described above is based on
1,190,623 Common Shares outstanding as of December 3, 2004 as reflected in the
Company's Schedule 14A filed on December 8, 2004.

ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
         --------------------------------------------

         See Item 4.

ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
         ---------------------------------------------------------------

         See Item 4.

ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
         ---------------------------------------------------------
         ACQUIRED THE SECURITIES BEING REPORTED ON BY THE PARENT
         --------------------------------------------------------
         HOLDING COMPANY.
         ---------------

         Not applicable.

ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
         ---------------------------------------------------------

         See Item 4.

ITEM 9.  NOTICE OF DISSOLUTION OF GROUP.
         ------------------------------

         Not applicable.


                                        7
<PAGE>


ITEM 10. CERTIFICATION.
         -------------

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

                                    SIGNATURE
                                    ---------

         After reasonable inquiry and to the best of the knowledge and belief of
the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to it, or him, as
the case may be, is true, complete and accurate.

Dated:  February 11, 2005



                                             MASON CAPITAL MANAGEMENT LLC,


                                             /s/ John Grizzetti
                                             -----------------------------
                                             John Grizzetti
                                             Chief Financial Officer



                                        8
<PAGE>


ITEM 10. CERTIFICATION.
         -------------

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

                                    SIGNATURE
                                    ---------


         After reasonable inquiry and to the best of the knowledge and belief of
the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to it, or him, as
the case may be, is true, complete and accurate.

Dated:  February 11, 2005


                                             MASON CAPITAL, LP

                                             By: MASON CAPITAL MANAGEMENT LLC,
                                                 its Investment Manager


                                             By: /s/ John Grizzetti
                                                 ----------------------------
                                                 John Grizzetti
                                                 Chief Financial Officer



                                        9
<PAGE>


ITEM 10. CERTIFICATION.
         -------------

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.


                                    SIGNATURE
                                    ---------


         After reasonable inquiry and to the best of the knowledge and belief of
the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to it, or him, as
the case may be, is true, complete and accurate.

Dated: February 11, 2005


                                             MASON CAPITAL, LTD.

                                             By: MASON CAPITAL MANAGEMENT LLC,
                                                 its Investment Manager


                                             By: /s/ John Grizzetti
                                                 -----------------------------
                                                 John Grizzetti
                                                 Chief Financial Officer



                                       10
<PAGE>


                                                                       EXHIBIT A


                            AGREEMENT OF JOINT FILING
                              GREY GLOBAL GROUP INC
                       COMMON STOCK, $0.01 VALUE PER SHARE


         In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned hereby confirm the agreement by and among them
to the joint filing on behalf of them of a Statement on Schedule 13G and any and
all amendments thereto, with respect to the above referenced securities and that
this Agreement be included as an Exhibit to such filing.


         This Agreement may be executed in any number of counterparts each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same Agreement.


         WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
this 11th day of February, 2005.


MASON CAPITAL MANAGEMENT LLC


/s/ John Grizzetti
-------------------------------------
John Grizzetti
Chief Financial Officer


MASON CAPITAL, LP

BY: MASON CAPITAL MANAGEMENT LLC,
its Investment Manager


/s/ John Grizzetti
------------------------------------
John Grizzetti
Chief Financial Officer


MASON CAPITAL, LTD.

BY: MASON CAPITAL MANAGEMENT LLC,
its Investment Manager


/s/ John Grizzetti
------------------------------------
John Grizzetti
Chief Financial Officer

</TEXT>
</DOCUMENT>