Norman Pearlstine Joins The Carlyle Group as Senior Advisor to the Telecom & Media Team; Four Decades of Journalism, Management, New Media and M&Amp;A Experience "

New York - Global private equity firm The Carlyle Group today announced that Norman Pearlstine, former Editor-in-Chief of Time Inc. and current Senior Advisor to Time Warner, has joined the firm as a Senior Advisor to the Global Telecommunications & Media team. In this capacity, Mr. Pearlstine will help identify investments, business opportunities and trends particularly in the media sector, working with Carlyle’s global buyout, venture and growth capital teams. He will also work closely with many of Carlyle’s existing portfolio companies. Mr. Pearlstine will begin his duties in September 2006 and be based in New York.

David M. Rubenstein, Carlyle Co-founder and Managing Director, said, “Norm is a treasure we are lucky to have join us. He brings a special mix of rarefied experience, insight and relationships on a global scale that will further hone Carlyle’s already active and cutting edge telecom and media operation.”

Mr. Pearlstine said, “Joining Carlyle opens a new chapter in my life, enabling me to draw upon my many years in the media business to create value in a private equity environment. I admire Carlyle's approach to business, the scope of its global operation and the quality of its team. Where old and new media meet, there is tension and opportunity. I hope to help Carlyle discern and create attractive investment opportunities in this area.”

James A. Attwood, Jr., Carlyle Managing Director and Head of the Global Telecommunications & Media team, said, “Norm’s experience gives him extraordinary insight into the rapidly evolving media landscape. He will be a tremendous asset to our team as we expand and develop our media investing practice.”

Mr. Pearlstine brings significant management, business development, mergers and acquisition and new media experience to Carlyle. In addition to serving as Time Inc. Editor-in-Chief, he was responsible for the division’s international and new media businesses for several years. He played an important role in Time’s acquisition of two substantial magazine portfolios, totaling $2 billion (IPC, Britain's largest magazine group, for $1.6 billion and Times Mirror magazines for $480 million). Previously, while at Dow Jones & Company he was instrumental in the development of The Wall Street Journal’s Asian and European editions and the early stages of its online businesses.

Since the late 1980s, Mr. Pearlstine has been devoted to the development and implementation of technology and new media. He has worked closely with both start-ups and large companies that are transforming media and understands how social networking, affinity groups, empowered consumers and emerging technologies are changing business and society.

Mr. Pearlstine was named Senior Advisor to Time Warner in January 2006, following eleven years as Editor-in-Chief of the company’s Time Inc. subsidiary. As editor-in-chief, Mr. Pearlstine oversaw the editorial content of Time Inc.’s 154 magazines, including Entertainment Weekly, Fortune, In Style, Money, People, Real Simple, Sports Illustrated and Time.

Prior to joining Time Inc., Mr. Pearlstine worked for The Wall Street Journal from 1968 to 1992, except for a two-year period, 1978-1980, when he was an executive editor of Forbes magazine. At the Journal, he served in a variety of reporting and management positions, including Executive Editor and Managing Editor of the Journal, Editor and Publisher of The Wall Street Journal/Europe, Managing Editor of The Asian Wall Street Journal and the Journal’s Tokyo bureau chief. He also served on the Dow Jones management committee for nine years.

After leaving the Journal in June 1992, Mr. Pearlstine spent a year launching Smart Money magazine for the Journal’s parent, Dow Jones & Company, and for Hearst. In April 1993 he joined with Paramount Communications Inc., QVC and Richard Rainwater to form Friday Holdings L.P., a multimedia investment company, where he served as General Partner until joining Time Inc. in October 1994.

In January 2005, the American Society of Magazine Editors gave Mr. Pearlstine its Lifetime Achievement Award and inducted him into the Magazine Editors’ Hall of Fame. He was honored with the Loeb Lifetime Achievement Award for Distinguished Business and Financial Journalism in 2000 and in 1989 he received the National Press Foundation’s Editor of the Year Award.

Mr. Pearlstine is President and Chief Executive Officer of The American Academy in Berlin and is President of the Atsuko Chiba Foundation, which provides scholarships to Asian journalists for study in the U.S. He also serves on the boards of the Carnegie Corporation, the Committee to Protect Journalists, the Arthur F. Burns Fellowship Program, the Berlin School of Creative Leadership at Steinbeis University and the Tribeca Film Institute. He serves on the advisory boards of the Nieman Foundation at Harvard University, the Annenberg School of Communications at the University of California and the City University of New York’s Graduate School of Journalism. He is also a member of the Council on Foreign Relations and the American Academy of Arts and Sciences.

Mr. Pearlstine, 63, earned his B.A. from Haverford College, his L.L.B. from the University of Pennsylvania and he did postgraduate work at the law school of Southern Methodist University. He is a member of the Bar Association of the District of Columbia.

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