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Friday’s Dow decline on the back of GE’s disappointing earnings is exactly why Cramer’s been dedicatingsomuchtime to companies in parts of the world, like the former Soviet Union, that have minimal exposure to the wretched U.S. economy. In fact, he’s so sure that the rest of the world is going to continue dominating the U.S. that on Friday he recommended Homegamers put 20% of their portfolio in overseas stocks.

So what better time to shed some light on an Eastern Europe play with almost obscene amounts of market share? That’s just what Central European Media has going for it. The Czech Republic-based TV network operator might as well be the Red Army in 1945 when it comes to how well it blankets Eastern Europe, Cramer said. It’s got 43% audience share in its home country, 40% in Slovakia, 25% in Romania, 42% in Slovenia and 20% in Croatia, to name a few.

These markets are all growing as their citizens get richer, which means more eyeballs for advertisers – and affluent ones at that. Eastern Europe is breeding ideal consumers right now, Cramer said. CETV also has a massively underpenetrated market base, leaving it with plenty of room for future growth.

This is the perfect time to get into CETV, as far as the Mad Money host in concerned. The stock is down off a big convertible bond offering that caused a bunch of concern about dilution. Cramer called that concern “overblown.” Shares would have to almost double for the bonds to turn into stock and, frankly, if that happens then who cares about dilution? The valuation for CETV is ridiculously low, too, with an earnings multiple below the company’s growth rate.

As the former Eastern Bloc embraces capitalism, Cramer thinks investors should embrace CETV while it’s still cheap.

GE is the parent company of CNBC.

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

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CETV
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