BRIEF — Character.Ai Initiates Voluntary Chapter 11; Enters Stalking Horse Agreement With Disney For $20 Million

Oct 12 (Reuters) — The Walt Disney Company: Character.ai Initiates Voluntary Chapter 11 Proceeding To Facilitate Value-maximizing Sale Process Character.ai- Reaches Stalking Horse Agreement To Sell Certain Assets To Affiliate Of Walt Disney Company Character.ai- During Sale Process, Co Expects To Continue Operating Its Business, Including Character.ai Platform, With Minimal Disruptions To Service Character.ai - Sale Process Does Not Result In A Purchase That Provides For A Continuation Of Character.ai Platform, Platform Will Be Wound Down Character.ai - Reaches Stalking Horse Agreement To Sell Certain Assets To Affiliate Of Walt Disney Company Character.ai: Entered Into Agreement With Disney To Serve As Stalking Horse Bidder For Co's Non-exclusive Perpetual License Of Certain Ip For $20 Million Source text:... Further company coverage: DIS.N (Reuters.Briefs@thomsonreuters.com;)