Parsons may advise Providence on MGM-NY Post

Sept 17 (Reuters) - Richard Parsons, the chairman of Citigroup Inc (C.N), may help Providence Equity Partners in negotiating deals, including advising the private equity firm on its investment in Metro-Goldwyn-Mayer Inc [MGMYR.UL], the New York Post said.

Parsons, the former chairman and chief executive of Time Warner (TWX.N), joined Providence as a senior adviser on Wednesday.

"Parsons could end up being the bridge to an eventual deal between MGM and Time Warner," one source was quoted as telling the paper.

But a Time Warner source told the paper that the two companies haven't talked in weeks, while a source close to Providence said "there are no deal talks going on and no such plans to have Parsons facilitate discussions with Time Warner."

Providence could not immediately be reached for comment by Reuters.

MGM has been struggling to create new hits amid a faltering economy and shrinking DVD market, and is facing looming payments on $3.7 billion of debt. (Reporting by Chakradhar Adusumilli in Bangalore; Editing by Greg Mahlich)