Former Federal Communications Commission Chairman Michael Powell has joined private equity firm Providence Equity Partners, which focuses on the media and communications sectors, as a senior advisor.
(The Hollywood Reporter) -- Former Federal Communications Commission Chairman Michael Powell has joined private equity firm Providence Equity Partners, which focuses on the media and communications sectors, as a senior advisor.
Powell will advise the Providence, R.I.-based firm on technology and regulatory issues, on selected new investment opportunities and on certain existing investments, Providence said Aug. 11 in a statement.
Powell has agreed to make Providence his exclusive focus in the private equity field, the company added. Providence has held investments in such companies as Warner Music Group, German broadcaster ProSiebenSat.1, MGM and the Yankees Entertainment and Sports Network.
Prior to joining Providence, Powell spent more than seven years as an FCC commissioner, holding the chairman position from January 2001 to March 2005.
"Michael brings a wealth of experience in media, communications and information, deep knowledge of the changing technology and regulatory environment and an exceptional network of relationships across the industry," Providence CEO Jonathan Nelson said.
Powell said the new job "provides a unique opportunity for me to apply my experience," and he is "very committed to helping Providence Equity reach even greater heights."
Before joining the FCC in 1997, Powell was chief of staff of the antitrust division in the Department of Justice. He previously practiced law with the firm of O'Melveny & Myers, among other things.
Earlier in his career, Powell worked as an international policy advisor to then-Secretary of Defense Richard Cheney. His experience also includes military service as an armored cavalry officer in the U.S. Army.
The principals of Providence manage investment funds with more than $9 billion in equity commitments. They have invested in more than 80 companies since the firm's inception in 1990.