If you're getting 1 million pageviews per day on a website and your advertisements aren't covering your costs, you're doing something wrong. That kind of traffic should be generating thousands of dollars per month, even with relatively low-paying ads.
If ads aren't covering your costs, you've either got the wrong ad setup, are running something obscenely bandwidth intensive, or have a horribly unoptimized site. Or you're overpaying for your hosting.
Five years ago, I was running a site that got a quarter million pageviews a day off two boxes from what was then ServerMatrix (now ThePlanet), total cost was about $110/mth in servers/bandwidth, and advertisement paid for WAY more than that.