Former Chairman of the US Federal Communications Commission Michael Powell has joined private equity firm Providence Equity Partners, according to Reuters.
“Michael will advise us on some of our current investments and will assist us in identifying and pursuing new opportunities in his areas of expertise,” said Providence Chief Executive Officer Jonathan Nelson.
Powell was Republican FCC chairman between 2001 and 2005 and as a commissioner for three years before that. As FCC chief, he focused on developing rules to govern high-speed Internet service and easing regulations on local telephone companies and media ownership.
“Providence Equity has a portfolio of market-leading investments, an exceptional track record of delivering superior returns to their investors, and a superb group of investment professionals in the U.S. and Europe,” Powell, 42 and the son of former Secretary of State Colin Powell, said in a statement.
The equity firm, which focuses on media, communications and information companies, manages funds with more than $9 billion in equity commitments.
Powell’s FCC chairman predecessor Bill Kennard also joined a private equity firm, the Carlyle Group, after leaving the agency.