Until the debt is paid off and the corporate overhead rationalized (excess compensation is an issue at this company) of the remaining online business, the stock will trade at a discount to its value. Deal risk exists, as Extreme Reach does not have all the debt funding in place for the purchase. The online business is valued on an EBITDA multiple basis, not on a price to sales metric. The TV ad business was sold at a 10% discount to allow for the elimination of all debt, thereby increasing the multiple of the online business given its high growth rate. Check back in 1st quarter 2014. My work is done here. Good luck to all.