Character.AI Files Chapter 11 With Proposed $20 Million Disney Sale
Photo: TokenPost
Character.AI filed for Chapter 11 bankruptcy protection in the United States on Monday and agreed to sell selected assets to Disney for $20 million, launching a court-supervised restructuring of the consumer AI platform. The proposed transaction includes licenses for some intellectual property. Disney’s offer will establish the baseline bid, allowing other potential buyers to submit higher offers under court-approved auction rules. Character.AI plans to continue operating during the proceedings, including its platform for AI-powered character conversations. CEO Colin Adams said the board determined that a court-supervised sale offered the best way to maximize value for stakeholders after reviewing its options.
Source: TokenPost
