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.

It was a pretty shrewd move for Tuvalu too - $4m/year is about 30% of their GDP.

That's a really good point. And the government of Tuvalu hasa 20% stake in the company which actually owns the contract (Verisign owns the rest).

Very well structured deal for both sides.