Here's what's happened: first, ICANN [...] approved a change in pricing for .ORG domains, run by the nonprofit Internet Society (ISOC) through its Public Interest Registry (PIR), allowing the registry to raise prices. The change was done entirely by staff, without board approval.
Next, several of the people involved in that decision migrate from ICANN to ISOC or to a brand-new private equity fund called Ethos Capital [...] Ethos then buys the Public Interest Registry from ISOC for a little over a billion dollars -- about a billion dollars less than it's likely worth -- and makes a nonbinding pledge to limit its price increases to 10%, compounded annually (!!) and starts a PR campaign to argue that this is very reasonable.
[...]
Dec 9, ICANN announced that it would be hitting pause on its approval of the .ORG sale for 30 days, while it requests "additional information about the proposed transaction including information about the party acquiring control, its ultimate parent entity, and whether they meet the ICANN-adopted registry operator criteria (as well as financial resources, and operational and technical capabilities)." ICANN warns that it can only block the sale on terms that rise to "a standard of reasonableness."