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Character.AI Seeks Bankruptcy Protection, Sells Assets
13 Oct
Summary
- Character.AI filed for Chapter 11 bankruptcy protection in the United States.
- Walt Disney has agreed to acquire some assets from Character.AI.
- The acquisition deal is valued at $20 million.
Character.AI has initiated Chapter 11 bankruptcy proceedings in the United States. This move follows an agreement to sell certain assets to Walt Disney for $20 million. The AI entertainment platform has stated its intention to continue operating throughout the asset sale process.
This development marks a notable event for the AI sector, with a major entertainment company acquiring assets from a company undergoing bankruptcy. Character.AI aims to ensure its ongoing operations are unaffected as it finalizes the sale.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
