Character.AI files for bankruptcy, agrees to sell some assets for $20 million
Source: CNA
Published on: 2026-10-13 05:19
Oct 12 : Character.AI said on Monday it had filed for Chapter 11 bankruptcy in the US and agreed to sell some of its assets to Walt Disney for $20 million. Here are some details about the bankruptcy and sale proceedings: * Character.AI said it has begun the formal process to sell assets, including a license of certain intellectual property, through Chapter 11 and is seeking court approval for auction rules that would designate Disney as the lead, or stalking horse, bidder. * Under this process, Disney's bid would set a baseline offer while allowing competing bidders to submit higher bids, and the company expects the sale process to conclude by late November or early December 2026. * "After a comprehensive review of the available alternatives, the board determined that this court-supervised sale process provides the company with the best opportunity to maximize value for all stakehold...
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