DG FastChannel Inc. said it has agreed to buy Tempe-based Limelight Networks' EyeWonder video and media advertising unit for about $66 million in cash.

The company, based in Irving, Texas, said the deal will expand its online advertising product and service offerings to the ad, entertainment and broadcast industries and is expected to boost its 2012 earnings. DG expects EyeWonder to generate about $36 million to $37 million in revenue for 2011 and result in $7 million in cost reductions in the first 12 months following the sale.

The deal, which is subject to customary closing conditions, is expected to close this month.

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