One of the big media power brokers of the last quarter century is headed for Wall Street. In a somewhat unusual career switch, Norman Pearlstine, former editor-in-chief of Time Inc. and current senior adviser to Time Warner ( TWX), is joining the Carlyle Group as a senior adviser, the investment firm said on Monday. He will join in the global telecommunication and media group, the company said, and will assist on the global buyout, venture and growth capital teams. Pearlstein will begin at Carlyle in September 2006. "Norm is a treasure we are lucky to have join us," says David M. Rubenstein, Carlyle co-founder and managing director. "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." In 2006, Pearlstine became senior adviser at Time Warner after serving 11 years as editor-in-chief of Time Inc.'s 154 magazines. Prior to joining Time Inc., Mr. Pearlstine worked for The Wall Street Journal for 20 years and was also an executive editor of Forbes. After leaving the Journal in 1992, Mr. Pearlstine spent a year launching Smart Money. He then joined with Paramount Communications, where he served as general partner until joining Time Inc. in 1994. "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," Pearlstine says. "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."