Former Time Warner Inc. chairman Dick Parsons, who most recently has served as chairman of Citigroup, will join private equity giant Providence Equity as a senior advisor.
Parsons, who retired as chairman and CEO of Time Warner in 2008, will keep his Citigroup post.
Providence Equity, which manages about $22 billion in equity commitments, has been an aggressive investor in the media space -- it owns chunks of movie studio Metro-Goldwyn -Mayer, online video venture Hulu, Bresnan Broadband Holdings and the Yankees Entertainment & Sports Network.
According to Providence, Parsons will advise the private equity firm on new investment opportunities and certain of its existing investments. The position will be part-time and Citigroup will remain his main focus, the company said.
"Dick is not only a great person but also a wise leader with broad industry and civic experience," Providence CEO Jonathan Nelson said in a statement. "He will bring to bear his deep knowledge in the media industry to assist us with current investments and help identify new opportunities and corporate initiatives. We are excited to welcome him to the Providence team and look forward to his contributions in the years ahead."
Parsons started out as counsel to former New York Gov. Nelson Rockefeller, joining him in Washington as senior White House aide when the governor was named Vice President under then president Gerald Ford. Parsons also served as CEO of Dime Bancorp before joining Time Warner Inc. in 1995. He became CEO in 2002 and chairman in 2003.
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