Yahoo News reports that a deal has been reached in which Verisign must meet certain conditions before raising prices on domain names. In a deal approved by ICANN, Verisign is allowed to raise its annual fee for domain names, an increase that domain registrars can then pass along to the consumer.

Verisign currently operates the servers that constitute the Internet's core address book for ".com" web sites. The company sells ".com" addresses for $6 each to registrars who then sell them to the public.

The deal is facing opposition from some registrars not only because of the price increase but the fact that it will give Verisign the right to renew its contract with ICANN when it expires in 2012. "We are disappointed that after hearing from so many Internet stakeholders about why this proposal is anticompetitive, the ICANN board still approved a known bad deal," said Champ Mitchell, chief executive of Network Solutions Inc., a registrar that was sold off by Verisign in 2003.

Verisign of course is pleased with ICANN's approval noting that it is very similar to a deal reached last year over .net name of which Verisign also retains administration rights over.