2008-09-24 23:42:02 -

- Sard Verbinnen & Co George Sard, 212-687-8080 or Andrew Cole, 415-618-8750 Providence Equity Partners, the leading global private equity investment firm specializing in media, entertainment, communications and information companies, announced today that Thomas Gahan has joined Providence as President of the firm's newly established Capital Markets Group. He will be based in the firm's New York office.

Providence's Capital Markets Group invests in the debt of media, entertainment, communications and information companies worldwide - the same sectors in which the firm has made equity investments for nearly 20 years. Providence has recently acquired over $2.5 billion in credit securities.

Mr. Gahan, 46, was most recently Chief Executive Officer of Deutsche Bank Securities Inc. and Head of Corporate

and Investment Banking in the Americas. He was also the Global Head of Capital Markets at Deutsche Bank and a member of the Global Banking Executive Committee and the Global Markets Executive Committee. Mr. Gahan joined Deutsche Bank in 1999 to establish its Global Credit Products effort, and he built the firm's capability in leveraged and structured finance into market-leading businesses.

"Tom brings world-class experience building and successfully managing capital markets businesses, particularly in credit investing where he has worked to finance some of the most successful and sophisticated transactions in history," said Jonathan Nelson, Chief Executive Officer of Providence. "We know Tom well, having worked with him over many years and transactions. We believe that Tom is the ideal person to lead our growing capital markets group."

"We have recently invested significant capital in attractive corporate debt securities and continue to see significant credit market opportunities across the industries where we specialize," said Paul Salem, a Senior Managing Director of Providence "With Tom on board, we are now well positioned to capitalize on the opportunities created by the unprecedented volatility and dislocation in the market."

"This is an exciting opportunity for me to help take the credit investment activities of one of the world's premier private equity firms to the next level," said Mr. Gahan. "The Providence team's unparalleled knowledge of the global media and communications industries will be invaluable as we invest in these same areas. We will employ the same discipline in our credit investing that has driven Providence's long-term success in private equity. I look forward to working with the entire Providence team as we expand the platform over the long term."

After founding Deutsche Bank's Global Credit Products business, Mr. Gahan grew the firm's M&A, equity and corporate advisory practices, more than doubling its market share in US investment banking fees as a result. Before joining Deutsche Bank, Mr. Gahan spent 11 years at Merrill Lynch in a number of capacities, most recently as Global Head of Credit Trading within the Fixed Income Division, where he oversaw the firm's global activities in the high yield, investment grade, distressed, emerging market, loan syndicate and credit derivative arenas.

Mr. Gahan graduated with a B.A. in Economics from Brown University in 1984.

About Providence Equity Partners

Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world. The principals of Providence manage funds with approximately $22 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1989. Significant investments include Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Freedom Communications, Hulu, Idea Cellular, Kabel Deutschland, Metro-Goldwyn-Mayer, NexTag, Ono, Open Solutions, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, Western Wireless and Yankees Entertainment Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in Hong Kong, London, Los Angeles, New Delhi and New York. Visit www.provequity.com for more information.

Former Deutsche Bank Securities CEO and Head of Corporate and
Investment Banking in the Americas Brings More than 20 Years of
Leveraged Finance Leadership

Providence's Capital Markets Group Focusing on Credit Investments
in Media, Entertainment, Communications and Information Companies
Worldwide