Character.AI has filed for Chapter 11 bankruptcy and is marketing its assets with Disney as the lead bidder. The company listed estimated liabilities between $50 million and $100 million; Disney has offered $20 million for unspecified assets, a nonexclusive license to some intellectual property, and transitional support while hiring several former Character.AI employees. Disney recently brought on Character.AI’s ex-CEO Karandeep Anand as chief technology officer, and expects “a number of” the startup’s technical team to join - a move resembling an acquihire that primes Disney to absorb talent and selectively integrate technology while setting a baseline for competing bids.
The bankruptcy follows years of legal and safety headwinds: lawsuits and complaints over unsafe or infringing chatbots, including prior cease-and-desist actions from Disney about unauthorized character simulations. Character.AI says it has tried to stabilize the business amid regulatory and operational pressures and will keep services and paid subscriptions running during the sale process, which it expects to finish by late November or early December; it warned the platform could be wound down if no suitable offer emerges. The company also previously saw a significant talent exodus when Google spent over $2 billion to hire away key engineers and cofounders in 2024.
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