However, Cramer suggested that company executives' past support of GOP policies, such as business deregulation and tax cuts, does not seem to outweigh President Donald Trump's hatred of CNN.
The cable news network was among the assets that came over to AT&T last year, after the telecommunications giant's $85 billion purchase of Time Warner.
AT&T is "overt" with its conservative views, "yet CNN is what the president singles out," Cramer marveled on "Squawk on the Street."
All the way back to the 2016 presidential race, predating AT&T's ownership of CNN, Trump has been accusing the news network as being part of the liberal mainstream media machine working against his interests.
As a result, Trump vowed on the campaign trail to block the AT&T-Time Warner deal. Once in office, he followed through on that threat. But last year, a federal judge ruled against the Justice Department's opposition, allowing the deal to close.
Earlier this year, the president was at it again, tweeting a call for a boycott of AT&T to force what he called "big changes" at CNN.
Looking at what the Elliott investment may mean for AT&T on Wall Street, Cramer said it could help get institutional investors interested in the stock.
Elliott said AT&T could eventually be worth at least $60 per share, pushing the stock up as much as 9% in premarket trading. But in early trading on Wall Street, it was only up about half that much.