Cramer's 'Mad Money' Recap: Level 3 in the Details

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Level 3 Communications (LVLT Quote) is the way to play video-hosting Web site YouTube, the hottest thing on the Internet right now, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

"Every single momentum player out there is looking to make money off of YouTube," Cramer said.

However, since YouTube is not publicly traded, Cramer believes the best way to play the popular Web site is with Level 3, which signed a contract with YouTube on Tuesday. According to the contract, Level 3 is to provide YouTube with the broadband it needs to fulfill rapidly growing demand.

"Level 3 just signed a deal to become the backbone of YouTube," Cramer said.

Even though Level 3's stock jumped a little on Tuesday, "it's still not expensive," he stressed, because the YouTube contract "is just the tip of the iceberg" for Level 3. The stock closed Wednesday up a penny at $4.55.

Level 3 is the play on the overall broadband shortage, not just for YouTube, but for other sites as well, since there is so much video content on the Internet, Cramer said. In addition, the company is worth owning because it is growing, it is getting out of debt and it is the last telco player that is worth investing in, he said.