Chinese animation firm MMV announces a non-binding term sheet to acquire AI-focused e-commerce content creator Bowong AI.

MultiMetaVerse Holdings Limited (MMV), a Chinese animation firm, has announced a non-binding term sheet for the acquisition of Bowong Technology (Shenzhen) Co. Ltd. and its subsidiaries. The target company, Bowong AI, focuses on AI solutions for e-commerce content creation. MMV plans to use Bowong AI's expertise in image and video generative AI for its animation and gaming businesses, potentially improving content quality and reducing production costs.