Citigroup chairman to advise Providence Equity

Parsons, also the former chairman and chief executive of Time Warner , will continue to serve as chairman of Citigroup, which will remain his primary business activity.

Citigroup spokeswoman Shannon Bell said in a statement that Parsons' advisory role will not require any day-to-day operational work or oversight.

"His primary business activity absolutely will remain with Citi," Bell said.

Providence said in a statement that Parsons will advise the firm on new investment opportunities and on existing investments.

(Reporting by Megan Davies, Christopher Kaufman, Dan Wilchins and Steve Eder; Editing by Tim Dobbyn)