Providence Equity Sells Stakes To Longtime Investors

Law360, New York (September 25, 2012, 2:47 PM EDT) -- Media- and communications-focused buyout firm Providence Equity Partners LLC has sold off minority stakes in its fund-management company to two longtime partners, including Florida's state pension system, according to a letter the firm reportedly sent to its investors on Monday.

The total stake unloaded is worth less than 10 percent, according to multiple news outlets that reviewed the letter, and was doled out in exchange for funding commitments to support Providence Equity's expansion. The firm, which backs Web-based television provider Hulu and the New York Yankees'...
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