Jim Cramer's Stop Trading! Time Flies

Lo and behold, it's finally time to buy Time Warner (TWX), Jim Cramer said Wednesday on CNBC's Stop Trading! segment.

Cramer applauded the New York media giant for finally slaying the sacred cows at its struggling magazine division. He said the company's decision Tuesday to sell 18 rags to focus on faster-growing operations is long overdue and could vault the stock, down 6 cents Wednesday at $16.98, into the low 20s.

"This is very positive," Cramer said. "The cable business is what we want."

Cramer said CEO Dick Parsons could easily win over investors by deciding to spin off everything but the cable unit, which Wall Street likes for its triple-play growth prospects and its lush cash flow. "If Parsons got rid of everything else -- including Parsons -- that would be great," Cramer said.

Cramer said a similar revival could take place at New York Times (NYT) off Tuesday's decisions to deal nine television stations, including WHO-TV in Des Moines, Iowa. He said the move will allow the newspaper publisher to make a full-throttled if belated push into digital media, where the company's about.com acquisition has been reaping benefits. "Martin Nisenholtz, online king," Cramer said of the Times Digital exec who runs that business. "Give the money to Nisenholtz."

Cramer said the turnabout could stop the years-long rout in New York Times stock, down 10% for 2006 but up $1.07 Wednesday to $23.35.