GREY Grey Global Grp. (MM)

Grey Global Group Announces Anticipated Effective Date of Proposed Merger With WPP NEW YORK, Feb. 17 /PRNewswire-FirstCall/ -- Grey Global Group Inc. (NASDAQ:GREY) announced today that the anticipated effective date of the previously announced merger with WPP Group plc (NASDAQ:WPPGY)(LSE:WPP) is March 7, 2005, subject to the requisite approval of the stockholders of Grey Global Group and the satisfaction or waiver of other closing conditions set forth in the merger agreement. These announcements are being made pursuant to Section 11.01 of the Indenture, dated as of October 28, 2003, governing Grey Global Group Inc.'s 5.0% Contingent Convertible Subordinated Debentures due 2033 (the "Debentures") and pursuant to the merger agreement between Grey Global Group and WPP. The proxy statement/prospectus related to the proposed merger, together with the form of election for use in electing whether to receive cash, WPP shares or a combination of cash and WPP shares in the proposed merger, was mailed to Grey Global Group stockholders beginning on February 2, 2005. Grey Global Group stockholders may request copies of the proxy statement/prospectus and the form of election by contacting Innisfree M&A Incorporated toll free at (888) 750-5834. The proxy statement/prospectus and the form of election are also available free of charge at the SEC's website, http://www.sec.gov/, and Grey Global Group's website, http://www.grey.com/. The proxy statement/prospectus contains important information regarding the terms of the merger. Stockholders are encouraged to read the proxy statement/prospectus carefully. ABOUT GREY GLOBAL GROUP: Grey Global Group Inc. ranks among the largest global communications companies in the world. Grey Global Group operates branded independent business units in many communications disciplines including general advertising, public relations/public affairs, direct marketing, internet communications, healthcare marketing, brand strategy and design, and on-line and off-line media services. DATASOURCE: Grey Global Group Inc. CONTACT: Jan Sneed, +1-212-546-2422, or Steven G. Felsher, +1-212-546-2440, both of Grey Global Group Inc. Web site: http://www.grey.com/

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