UPDATE 1-Citigroup chairman to advise Providence Equity

* Richard Parsons will be senior adviser

* Role with Citi will not change, says Citi

* Will advise Providence on investments

NEW YORK, Sept 16 (Reuters) - Richard Parsons, the chairman of Citigroup Inc (C.N), is joining Providence Equity Partners as a senior adviser, the Rhode Island-based private equity firm said on Wednesday.

Parsons, also the former chairman and chief executive of Time Warner (TWX.N), 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)