Parsons to Join Equity Firm

September 16, 2009 World Screen

NEW YORK6: Richard Parsons, currently the chairman of Citigroup and former chief executive of Time Warner, will become a senior adviser to Providence Equity Partners, the private equity firm that owns stakes in a number of media companies including Metro-Goldwyn-Mayer, Hulu and Univision.

Parsons intends to maintain his post as chairman of Citigroup and pursue his new position at Providence part time. Some of Providence’s media investments, made during the peak of the acquisition boom in 2007, have proven to be problematic—the studio Metro Goldwyn Mayer is struggling and some analysts question Providence’s ability to make a return on the Spanish-language network Univision.
 
In his position, Parsons will advise Providence’s management team both on future deals as well as managing portfolio companies. While Parsons is not expected to seek deals, he may be involved in negotiations.

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