5 stories
Character.AI filed for Chapter 11 bankruptcy protection on Monday and plans to complete a court-supervised sale of the company by the end of the year.
The startup will sell some of its assets to Disney for $20 million.
Character.AI filed for Chapter 11 to pursue a sale, while Disney offered $20 million for a licence to certain assets.
Character.AI said it intends to keep the platform running during the sale process and will wind it down if no buyer is willing to continue operations.
The disastrous promotional offer, which played a role in the chain's bankruptcy, wasn't a blunder but a conspiracy, a lawsuit alleges.
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