As the Federal Trade Commission's approval of the Publicis-Omnicom merger clears the way for a collaboration that will combine 40% of U.S. media spending, some smaller agencies have banded together to form a global holding company called The & Partnership. Partners including Chi & Partners, Rapier, Halpern and The Social Practice have agreed to work off a common profit-and-loss statement. Their clients include Samsung, PBS, Direct Energy and IHG.

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