Cramer's 'Mad Money' Recap: 51 Pickup

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If Time Warner (TWX Quote - Cramer on TWX - Stock Picks) decides to become a pure play in cable and spin off its other businesses, it could go from $16 to $26 a share, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Right now Time Warner is so bad that Cramer said he's calling it "Time Goner." At $16.54, the stock is not going anywhere unless the company's CEO Richard Parsons starts playing the right game, he said.

The company is not going to be boosted by Carl Icahn's attempts. Instead, Parsons needs to realize that his ace is his cable business and that he needs to throw everything else out, Cramer said. This move would make Time Warner jump to $26 a share.

The cable business is all about the triple play (cable, telephone and Internet) right now, and although Time Warner is behind the infrastructure for this, "the future is the only thing that matters," Cramer said.

The company's AOL business "is worthless," and Time Warner should sell it immediately to Microsoft (MSFT Quote - Cramer on MSFT - Stock Picks). Cramer believes that selling AOL could bring the stock up two points.

Time Warner's Filmed Entertainment and HBO are two other businesses that need to go, he said. The company could sell them both to Viacom (VIA Quote - Cramer on VIA - Stock Picks) and increase the share price by $7.

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