Countries can, and frequently do, sell the rights to their ccTLDs to third parties. For example, Verisign leases the rights to the .tv domain off the Tuvalu government for $50m/year.
Getting access to sell all .tvs for $4MM/year is a steal, IMHO.
Not to mention the manner in which they sold them is unique. With most TLDs, all domains cost the same price, and its first come, first served. With .tv, the domains were priced according to their value, with many costing $25,000 or more per year. So for instance I have no idea what mlb.tv cost Major League Baseball, but it was a lot more than $49/year.
Now that .tv seems to have hit its tipping point, $50 million over 12 years is a bargain.
(edit: turns out it's actually run by the ISP who operates the .to TLD)