Dick Parsons, chairman of the board at Citi, will take a part-time job at Providence Equity Partners. The firm is known as a dealmaker in the media industry, and Parsons' ties to both the media industry and the financial world would appear to be valuable to the firm.

According to the New York Times, Citi has financed a few Providence deals, and it may do so again. Parsons "is expected to rescue himself from any decisions that would affect either firm." He will likely serve as an advisor to Providence on portfolio companies and future deal. Providence has been stuck with a poor performers--like other private equity firms. We'll see if this distracts Parsons from Citigroup, which is hardly out of the woods yet.

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