She will become a managing director and oversee a new Manhattan office for Providence Equity, which invests mostly in media and communication companies.

"We got to see her in action covering us and other clients," said Jonathan M. Nelson, the founder and president of Providence Equity.

In San Antonio's case, it would have given Providence Equity control of three stations in the market.

Providence Equity is a private equity firm, of whom one board member is an Ironman athlete.

Providence Equity bought 44 percent of the company for $280 million and received a $202 million nondiluting dividend when Eircom refinanced its debt last year.

Yet Mr. Nelson, 48, and Providence Equity have gone almost completely unnoticed.

Providence Equity lost its entire $62 million investment when the company filed for bankruptcy protection in 2002.

This is lunch at Providence Equity.

Still, Providence Equity led a consortium that won an auction in 2001 to acquire Eircom, the Irish phone company.

Providence Equity formed a new holding company, Newport Television, for the station group.