While TV ad spending is declining here in the U.S., Cramer said during Wednesday’s Mad Money, it’s just getting started in Russia. That’s why he named CTC Media, that country’s fourth-largest broadcasting company, his latest “From Russia With Love” stock pick.

CTC

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[CTCM  Loading...      ()   ] operates two entertainment channels, one focused mainly on younger viewers and the other on women. Together they make up about 12% of the national audience, giving the company a healthy chunk of Russia's growing ad market. Half of all advertising there is spent on TV, and analysts expect spending to grow of 36%.

A key acquisition should lead to big savings for CTC, Cramer said. The company should be able to squeeze more out of men’s entertainment channel DTV and bring its 10% operating margin into line with CTC’s 41%.

CTC is growing outside of Russia as well, moving into Soviet satellites like Kazakhstan and Uzbekistan. Cramer said he expects good things from both ventures.

Best of all, CTC’s expected to grow 30% over the long term, but the stock’s trading at only 18 times this year’s earnings. Can you say cheap?

Here’s another Russian play you should jump on before Wall Street does.

Watch the video for Cramer's plays on Brazil, Denmark and European ETFs.

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