"Bob Iger says we've taken a more bullish position on the future of ESPN's sub-base," Cramer said on "Squawk on the Street," referring to a moment when Iger responded to a question about the sports channel declining subscriber base. "The stock stops right there, does a U-turn, and goes up four points."
On Thursday, Disney shares fell after it reported quarterly earnings that missed expectations partly due to troubles in its media network segments, the company's biggest source of sales. The stock had already been under pressure after Nielsen reaffirmed data that ESPN lost 621,000 subscribers in a month.
But Iger said the company is going through a transition period and predicted earnings growth for the next two years, easing investors concerns over the quarterly drop. The company's stock rose 2.7 percent to $97.25 after hours.
Iger said Disney plans to bring premium content to consumers in new, digital ways. "We want our investors to know that fiscal 2017 is going to be an anomaly," Iger said.
Cramer said the CEO isn't "sweating" the initial criticism about ESPN's growth and that investors trust his credibility on providing direct-to-consumer content.
Disney's stock was trading up more than 2 percent in intraday trade Friday. The stock is down more than 7 percent year to date.
—CNBC's Julia Boorstin and Reuters contributed to this report.