This column was originally published on RealMoney on Aug. 8 at 8:36 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

I can't tell you how many people laughed when

News Corp.

(NWS.A)

bought MySpace. It could never be monetized, people said. It was faddish. Better to buy a MarketWatch or an iVillage, proven companies with track records of good, not great, growth.

Wrong!

News Corp. has created instant value with this new

search-ad deal with

Google

(GOOG) - Get Report

. It's not a bad deal for Google either, but I believe News Corp. is the focus, and the rest of the media ought to take notice.

Sure, News Corp. paid a lot of money for MySpace. Sure it reminded people of 1999. Yes, the accepted method of media to go online is to bundle old content and iPod it. That's not going to cut it. It cannibalizes. News Corp. did it differently and now it is working.

I continue to believe that if someone else wants to develop a credible online space they should buy Facebook. Now that we see how much you can monetize MySpace for, you can pay a billion for Facebook and make it work. I know that a lot of people are reluctant to buy a site started by some Harvard kid who is still in school. Nonsense. How about Google? Where do you think that started, at AOL's greenhouse?

News Corp. got it right. That stock goes higher. Everyone else has gotten it wrong.

And I bet that News Corp. continues to get it right because at the very top there is a believer in the Web, Rupert Murdoch. The other guys just don't believe.

At the time of publication, Cramer was long News Corp.

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