Providence Equity names Parsons as senior adviser

Providence Equity Partners Inc., owner of video Web site Hulu and Spanish-language television network Univision, said Wednesday that Citigroup Chairman Richard Parsons will serve as a senior adviser.

The private equity firm said the 61-year-old former Time Warner chairman and CEO will provide input on new investment opportunities as well as on some of its existing investments. The move comes at a time when some of Providence's companies are struggling, such as Hollywood studio Metro-Goldwyn-Mayer Inc., which recently hired a restructuring expert to help pull itself out from under billions in debt.

The studio was taken private for nearly $5 billion in 2005 by a group led by Providence Equity Partners, Texas Pacific Group, Sony Corp., Comcast Corp., DLJ Merchant Banking Partners and Quadrangle Group.

Parsons is no stranger to the media world, having served as Time Warner's CEO from 2002 through 2007 as well as its chairman from 2003 through 2008. He is credited with leading the conglomerate's turnaround by installing new management, boosting its balance sheet and streamlining its corporate structure.

Parsons will continue to serve as Citigroup chairman and remain a board member of Estee Lauder Cos. while serving in his advisory role to Providence.