I've Googled (heh) this question and got lots of hits from news sites, but I'm amazed at how a private company managed to get a TLD. Was this just a matter of paying a huge amount of money?
Does any HNer have any more context on the ICANN 2012 TLD reorganization?
2.2 How do I apply for a new gTLD?
Any established public or private organization anywhere in the world can apply to create and operate a new generic Top-Level Domain (gTLD) registry. Applicants will need to demonstrate the operational, technical and financial capability to run a registry and comply with additional specific requirements. Please refer to the Applicant Guidebook for detail information on the application process, including the application questions in Module 2, attachment 2.
Please note that applying for a new gTLD is not the same as buying a domain name. An applicant for a new gTLD is, in fact, applying to create and operate a registry business supporting the Internet's domain name system. This involves a number of significant responsibilities, as the operator of a new gTLD is running a piece of visible Internet infrastructure.
The application window is expected to open on 12 January 2012 and close on 12 April 2012.
The evaluation fee is US$185,000. Applicants will be required to pay a US$5,000 deposit fee per requested application slot when registering. The deposit will be credited against the evaluation fee. Other fees may apply depending on the specific application path. See the section 1.5 of the Applicant Guidebook for details about the methods of payment, additional fees and refund schedules.
When the application round opens, candidates will apply via an online application system called TAS – TLD Application System.