Chinese tech firm Tencent has bought a majority share in streaming platform Huya.
As reported by GamesIndustry.biz, the company purchased 16.5 million Class B shares for around $262.2 million from Joyy, the parent company of Huya. As a result, Tencent has at least a 50.1 per cent stake in the business.
Huya will maintain its independence, but Tencent has appointed a new director and chairman for the company's board of directors. The tech giants general manager of interactive entertainment Lingdon Huang will take on the role.
In March, the Chinese tech company partnered up with fellow Chinese firm Huawei for a cloud games platform. That same month, it was revealed that Tencent's revenue grew 21 per cent year-on-year to $54.1 billion.
At the start of the year, the firm made an offer to fully purchase Norweigian games studio Funcom. However, to date, the developer has created one mobile game – Lego Minifigures Online.