From the NY Times:

Richard D. Parsons, chairman of Citigroup and former chief executive of Time Warner, is planning to announce on Wednesday that he will become a senior adviser to Providence Equity Partners, the large private equity firm that owns media companies like Metro Goldwyn Mayer, Hulu and Univision, according to people briefed on the appointment.

Mr. Parsons disclosed his plans to Citigroup’s board on Tuesday and told them he intended to remain the firm’s chairman, these people said.

The new position at Providence, which Mr. Parsons plans to pursue part time, will put him back into the deal-making fray within the media world for the first time since retiring from Time Warner’s board this year.

Mr. Parsons, a longtime friend of Providence’s founder, Jonathan Nelson, had planned to join the firm earlier in the year, but deferred the decision while he was dealing with problems at Citigroup, these people said. Now that Citigroup appears to be more stable, he has decided to take on this new role.

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