The signal being output by the TV will be Dolby Digital stereo or surround depending on the broadcast
It depends on TV. Panasonics output Dolby with digital and PCM with NTSC automatically. Since NTSC is gone you would be stuck with Dolby. There is no menu to switch it (unless newest TVs have it). Samsungs have it selectable in the menu. Better check it before you buy. I have Samsung LED connected to two channel DAC.