Wait on SSP, Watch for GCI

Maybe Scripps (SSP - commentary - Cramer's Take) will be rewarded more than Belo (BLC - commentary - Cramer's Take) for the breakup it just announced. It would make sense, given that the Scripps cable assets, including Food Network, DIY Network and HGTV are all pretty good brands. Shopzilla has a decent reputation as an online site.

Maybe these Scripps Networks Interactive assets could then overpay for other online assets or cable destinations, because the market might over-inflate the currency.

But the TV and newspaper portion of the company would simply be still one more media property no one wants. And there are tons of those.

This is one where it might pay to watch rather than get in for the jump. If you did that with Belo -- if you like Belo, and I don't -- you did better. But ultimately, it might pay to wait until the spinoff to grab the cable properties, which look a lot like Discovery (DISCA - commentary - Cramer's Take), which has been a remarkable stock ever since David Zazlov left NBC to run the outfit.

Still, I like the fact that these media companies are attempting to bring out value. If this one works, look for Gannett (GCI - commentary - Cramer's Take) to do something. With that stock at its 52-week low with a 3.67% yield, there might be something worth owning.

I hate the media stocks, but I like getting some short-term gains. Scripps could have been predicted after Belo. I want to predict Gannett right now.

Random musings: I am still mad that everyone, from the upper echelons of Treasury to the boardrooms at major banks like Citigroup (C - commentary - Cramer's Take), denied that their mortgage exposure could ever really be a problem. Oh well! ... When you see Wells Fargo (WFC - commentary - Cramer's Take) miss a quarter, that's pure deflation. Delinquencies and Wells? They are highly unusual and a sign of rampant revaluation downward of important assets.

At the time of publication, Cramer was long Citigroup.

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