BroadWebAsia, an investment firm started by Brad Greenspan, has offered to buy a majority share of Chinese mobile content and applications provider Linktone (NSDQ: LTON), challenging a November offer from Indonesian media group PT Media Nusantra Citra (MNC). The firm says it will purchase 60 percent of Linktone, by acquiring 6 million American Depository Shares (ADSs) at $4.18 each and then buy another $10 million worth of shares on the open market at prices up to $4.18. The offer represents a 30 percent premium to Monday’s closing price and BWA notes that it’s 10 percent better than MNC’s offer of $3.80. As part of the deal, Greenspan would serve as Linktone chairman and have the right to nominate four directors. Additionally, BWA says it would issue itself an additional 15 million shares in exchange for the following:

-- A contribution of assets known as the BWA Entertainment Group, which includes two entertainment websites and a casual games site, which it says can be combined profitably with Linktone’s assets.

-- A five-year advertising agreement that would let Linktone sell up to 25 percent of BWA’s online ad inventory.

-- A five-year agreement that would allow Linktone to be the exclusive mobile partners for BWA’s Network Web Properties.

-- A contribution of $10 million in promotion carriage to help Linktone launch new web and wireless products.

-- A guaranteed $3 million ad buy over 36 months.

Linktone is up sharply in pre-market trading. Last July, BWA acquired stakes in two Chinese video sites, Mofile and Hubotv.com. More in the release.

• Linktone Selling Majority Stake To Indonesia’s PT Media Nusantara Citra
• BroadWebAsia Buys Partnership Stakes In Two Chinese Video Sites
• NWS-DJ: Bancroft Lawyers Key: Editorial Agreement Detailed; Greenspan Spins