Interpublic Group-owned duo Lowe & Partners Worldwide and Draft Worldwide have unveiled a new alliance.

Dubbed Lowe & Draft, the partnership will see the two networks fight for business together and in some markets pool back-office operations. A unit titled Plus will help advertisers who employ both parent agencies.

However, the duo remain separate entities, and will continue to work independently on many accounts - ending speculation the two shops are to merge.

In charge will be chairman Howard Draft (chairman/ceo of Draft in Chicago) and president/ceo Jerry Judge (chief executive of Lowe in New York).

Data sourced from: New York Times; additional content by WARC staff