It would be interesting to know what TKO had to give up in return for GE's exculsivity pledge. I'm sure a look at the deal covenants would be quite illustrative. It certainly would not be unusual, given GE's commitment and TKO's relatively small size, for GE to require a right of first refusal on any acquisition solicitation that TKO might receive in the future. The slight downside to such a deal term is that it can dissuade others from making a bid because they assume the ROFR holder has the inside track and holds the trump card. It's also possible that GE may have requested board observation rights so they can look under the covers at TKO's finaincial health. Of course, there are many other possibilities. Nevertheless, barring some absurdly onerous term(s), this partnership has to be viewed as a large net positive for TKO.
