Yes.
Stereo PCM or LPCM is a digital signal. I would suggest you check out the Atlona website and review the documentation on the model you are considering to make sure you understand how to setup. You can also call their helpline and they will help as well. It will de-embedd the audio info and send out the SPDIF. The audio signal will remain in the HDMI output that goes to your tv. This was important to me since I don't typically watch TV with my stereo turned on.
HDMI sends a signal during the "handshake: that identifies capabilities of the sender and receiver in regards to supported formats of audio/video. The Atlona can be programmed to "mimic" a stereo only device do that the source will send the stereo mix version of audio signal. This is a grossly simplified explanation but it does work. So yes, most broadcasts do have a multi-channel output but the device will force them to output the stereo PCM data that can be decoded by your DAC.
Hope that helps.
Spencer
