Providence Equity CEO quits Warner Music board

PROVIDENCE – Jonathan Nelson, the CEO of Providence Equity Partners, has resigned from the board of Warner Music Group.
Warner said in a statement late last month that because of “the relative size of Providence’s investment” in Warner, Nelson wanted to commit more time to other responsibilities.
“I regret that my other commitments prevent me from continuing to serve on the WMG Board but I look forward to the company’s future success,” he said in a statement.
Providence-based Providence Equity Partners is multinational private-equity firm that largely invests in media, entertainment, communications and information services.
Nelson, who has served as a WMG director since 2004, is a director of Bresnan Broadband Holdings LLC, Hulu, Metro Goldwyn Mayer, Univision Communications Inc. and Yankees Entertainment and Sports Network Inc., the statement said.
Warner Music was bought in 2004 for $2.6 billion by an investor group that included Thomas H. Lee Partners, chief executive Edgar Bronfman Jr., Bain Capital and Providence Equity Partners.
They took the company public in May 2005 although the three private-equity groups retain a majority ownership. Affiliates of Providence Equity control about 8 percent of the Warner Music Group’s common stock.
“Jonathan’s expertise has been extremely valuable to WMG and we will miss his wise counsel. With regret, we accept his resignation and wish him all the best in his other activities,” said Edgard Bronfman Jr., WMG’s chairman and CEO.

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