Cramer's 'Mad Money' Recap: Sharp Focus at Time Warner

In regard to the possibility of Time Warner spinning off its Time magazine business, Parsons said, "We never say 'never' to anything."

"Right now with Time, we are pruning and focusing on where the profitability is," the chief executive went on to say. "I believe in the magazine business."

While the company is in the publishing business, it is moving its content into the digital world, Parsons said. All of the company's "good content is finding its way onto the Internet."

"The current thinking is we want to manage our costs, make sure we have plans to move our big brands onto the Internet, but we're hanging on to this one," he went on to say.

In regard to AOL, Parsons said "it appeared to be a bold move to say we are going to give up billions of revenues in subscriptions, but we thought it through."

"I am very confident that Warner Brothers, which had a tough year on a comparison basis, is really positioned to have another gangbuster year," Parsons continued. In addition, New Line Cinema "has a few in the can that we are enthusiastic about," Parsons said.

Cramer believes this stock is where Comcast (CMCSA - Cramer's Take - Stockpickr) was when it was at $34 and people thought it was finished going higher.

"Buy Time Warner," Cramer said. "You will not regret it."

To view Cramer's interview with Dick Parsons, please click here.