This column was originally published on RealMoney on May 8 at 12:54 p.m. EDT. It's being republished as a bonus for readers.



(CBS) - Get Report


News Corp.

(NWS) - Get Report



(DIS) - Get Report

starting to get credit for their Web initiatives? It sure seems like it.

CBS reported a so-so quarter, brought down by radio, but it has lately been moving up, I think because people recognize that perhaps the amount it charges for advertisers on the Web -- as with March Madness -- turned out to be pretty darned respectable. That's a revenue stream that no one counted on and it could be having an impact with investors, which is what matters.

News Corp., meanwhile, has really spent a ton to get involved in the Web and there is a sense that if it figures out how to monetize MySpace, it could have something gigantic on its hands. Right now there is no transaction component, but maybe that is just a matter of time. Remember there was a moment when people didn't understand that


(GOOG) - Get Report

could generate revenue, let alone humongous profit.

Disney's gutsy move to run shows like

Desperate Housewives

on the Net -- and it is gutsy not desperate -- may also be lifting that stock. The fact that the stock just hit a 52-week high isn't lost on me; that seems directly related to being creative on the Web and to recognizing that there could be some terrific opportunities to place Pixar stuff on the Web, too.

I think that all the networks are going to have to figure out a natural Web component, when they still have a chance, in order not to be the next newspapers, where the Googles and the


somehow get the jump on them.

Keep an eye on these initiatives. People value even the smallest amount of revenue from the Web as being something that is much bigger than it is right now because they see the future and they don't want to miss the next Google, even if it is buried within News Corp. or Disney or CBS.

Random musings

: This weekend Joe Nocera had some veiled criticism of the Lou Rukeyser approach to get everyone in the pool including those not sophisticated enough to do so and who just bought the stocks that were recommended. He was also, Joe noted, very bullish at all times. But I think the better guy to lash out at is Steve Roach, who was always bearish and now turns bullish. At least Lou got it right most of the time, Roach got it wrong all of the time.

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At the time of publication, Cramer was long Yahoo!.

At the time of publication, Cramer was long Yahoo!.

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