Global private equity firm Warburg Pincus has sold its 19 percent stake in China-based outdoor advertising firm Tulip Media to Shenzhen-listed Shanghai New Culture Media Group for RMB230 million (approximately US$37 million) in cash. This was part of a larger transaction in which New Culture Media Group acquired 100 percent of Tulip for an aggregate value of RMB1.2 billion (approximately US$190 million). In May 2006, Warburg Pincus led a Series B financing round for Tulip.