Cox Enterprises, Inc. just announced an agreement with Providence Equity Partners, giving Providence 25 percent equity interest in AutoTrader.com.  Cox will maintain majority ownership and operating control of AutoTrader.com. Providence will have two seats on AutoTrader.com’s board but will not impact day to day operations of the automotive site.

“All of us at AutoTrader.com are excited to see Providence Equity invest in our company,” said Chip Perry, CEO and president, AutoTrader.com, in the announcement. “Their support will enable us to pursue the many organic growth opportunities, as well as strategic acquisitions, that will help improve the products and services we offer our customers.”

Cox Enterprises and Providence Equity have signed a stock purchase agreement, though agreement terms have not been disclosed.

Providence Equity Partners, a Rhode Island-based global private equity firm,  specializes in equity investments in media, entertainment, communications and information services companies around the world.