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Following the acquisition, Paktor Group CEO Joseph Phua will take on the role of CEO at 17 Media, while Mr Jeffrey Huang, founder of 17 Media, will remain as chairman.
Mr Phua described the acquisition as "a significant milestone" for Paktor, which will help to expand the 17 app into its existing markets.
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According to the press release, 17 Media will receive a "substantial cash injection" to accelerate the regional growth of its 17 app by strengthening content production and partnerships, as well as adding further enhancements to the live streaming platform.
No other financial details of the deal were disclosed.