Michael Powell to Join (communications investment firm) Providence Equity

[DeepModem Mom]

New York Times:
Former F.C.C. Chief to Join Providence Equity
By ANDREW ROSS SORKIN
Published: August 11, 2005


Michael K. Powell, who was the nation's chief regulator of communications at a time when deregulation and new technologies fueled a frenzy of deals in cable, telecommunications and media, is now becoming a deal maker himself.

Mr. Powell, who stepped down as chairman of the Federal Communications Commission in January, is joining Providence Equity Partners, a private equity firm that has in recent years built a $9 billion empire of holdings in media and telecommunications companies.

The hiring of Mr. Powell, who will hold the title of senior adviser, puts a spotlight on the rapidly growing buyout firm, which operates from Providence, R.I. The firm, which was a founding investor in what is now T-Mobile USA, owns stakes in Metro-Goldwyn-Mayer, Warner Music, PanAmSat and the YES Network, the Yankees' cable channel, among others. And Providence is increasingly taking on bigger targets, joining Cablevision and Kohlberg Kravis Roberts & Company to make a run at Adelphia Communications earlier this year in what would have been the largest leveraged buyout since the RJR Nabisco deal in 1989.

Mr. Powell, 41, a lawyer, is following a familiar path for some Washington officials. His predecessor, William E. Kennard, joined the Carlyle Group, another big private equity firm, after leaving the commission. And Mr. Powell's father, Colin L. Powell, the former secretary of state, last month joined Kleiner Perkins Caufield & Byers, Silicon Valley's most famous venture firm, as a part-time partner....

***

Jonathan M. Nelson, a co-founder of Providence and its chief executive, said that he was immediately drawn to Mr. Powell because of his experience dealing with a multitude of issues in the field that the firm invests in....


http://www.nytimes.com/2005/08/11/business/media/11deal.html

[K-W]

1. The revolving door continues

as the tyranny of private power destroys what little democracy the people of this country have earned.

[jayfish]

2. Just Like Many Of Us Working Stiffs...

who have to sign a do not compete, government officials should not be able to work in industries they were involved in the regulation of for x-years.

Jay

[DrZeeLit]

3. Oh? Surprise. Surprise. ..... duh. Cha Ching. n/t