Tune In to Martha Stewart Omnimedia

Time to reassess Martha Stewart Living Omnimedia (MSO - commentary - Cramer's Take). Time to reassess what could happen to this not-so-special company now that it has a very special CEO in Susan Lyne.

First, let me just say that I am a huge believer in everything television producer Mark Burnett touches. My kids and I watch his Survivor. I was doing my best to try to get tickets for last night's Apprentice until I heard it was a madhouse, so I decided to forgo it. The man is a genius.

Second, I am a gigantic believer in the power of television to create, energize and sustain brands. There's nothing like a hit TV show to get things going on the back end. Hit TV shows are worth hundreds of millions to those who own them.

Third, I am a huge fan of Desperate Housewives and Lost, two shows created by Lyne, who came on Kudlow & Cramer last night and talked about her vision for Martha Stewart Living Omnimedia.

I thought the company's stock had run too much on the news of the Martha show because I thought the show itself didn't belong to MSLO. I thought that because I read it in a piece of research written by Dennis McAlpine, a respected analyst who came on K&C and reiterated that point. Lyne point-blank refuted that point and said the show accrues directly to the company.

If that's the case, the move makes all the sense in the world because I am convinced the show itself will do more to make Martha's brand than anything that has happened before.

If the show takes off, then it is reasonable to think the magazine and the Web site will take off as well. If the show takes off, it is reasonable to think Martha will have the same ability to anoint trends and people culturally that Oprah Winfrey has. I always wanted a piece of Oprah's company but was never allowed in.

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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."