Report: Citigroup chairman to join Providence equity firm
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Richard Parsons
By Business staff
Providence-based Providence Equity, a 20-year-old firm that oversees more than $22 billion, specializes in buying media and telecommunications companies. The company is run by Brown University graduate Jonathan Nelson. The company's investments include movie studio Metro-Goldwyn-Mayer Inc. and Univision Communications Inc., the largest Spanish-language television network in the U.S. Private equity firms hire executives and former politicians as advisers to help buy and sell companies and raise new funds. Time Warner, where Parsons was chairman until 2008, plans to spin off its AOL Internet unit by the end of this year. Parsons, 61, plans to remain chairman of New York-based Citigroup, the New York Times reported Wednesday, citing comments Parsons made to Citigroup's board on Tuesday. A friend of Nelson, Parsons will work with Providence Equity on a part-time basis, the newspaper said. 
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