Digital Generation sells TV business for $485M

Digital Generation (DGIT) agrees to sell its television ad delivery business to Extreme Reach for $485M.

DGIT says it will use proceeds from the sale to pay off all outstanding debt and fund the majority of a planned cash distribution to stockholders of at least $3/share.

DGIT's online business is not part of the deal, and stockholders will receive shares of a company that will hold its online business.

Shares +34.3% premarket.

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