Disney Moves to Acquire Character.ai Assets as Startup Files for Chapter 11

04:08 AM EDT, 10/13/2026 (MT Newswires) -- Walt Disney (DIS) has positioned itself as the lead bidder for certain assets in the court-supervised sale of Character.ai, the chatbot platform said Tuesday. Character.ai said it has filed for voluntary Chapter 11 bankruptcy and agreed to a $20 million stalking-horse deal with Walt Disney subsidiary, Disney Worldwide Services, for a non-exclusive, perpetual license to select intellectual property and certain company claims. The deal sets a baseline offer for an auction expected to conclude in late November or early December, according to Character.ai. Character.ai will continue operating during the sale process but warned the platform could be wound down if no buyer emerges to keep it running, it added.