Jim Cramer has heard endless speculation about the death of old media. Judging by the results of both CBS and Time Warner, he started to wonder if it is the critics, not the networks, who have it all wrong.
"To me, after studying CBS and Time Warner, I believe there is plenty of room for digital to co-exist with regular old television," the "Mad Money" host said.
CBS made a strong case with its extraordinary numbers. Revenues were up 10 percent, operating income was up 14 percent to an all-time high of $821 million. While Cramer knows the Super Bowl pumped up those figures, it was clear regular programming and dramas on Showtime were sustainable stars.