Cramer Says He Likes CBS Following Better-Than-Expected Earnings

As Beyoncé would say, CBS (CBS) - Get Report came to slay this quarter.

The entertainment company's first-quarter results on Tuesday exceeded analyst expectations thanks in part to boosted Super Bowl advertising revenue following the singer's performance at the February football game.

The company also saw 12% growth on its underlying advertising--separate from its football coverage--up from a 9.5% increase in the fourth quarter compared with a year earlier.

Jim Cramer, TheStreet's founder, said CBS is a phenomenal buy, echoing CEO Leslie Moonves' sentiments.

"He called it phenomenal twice, and I'm going to have to agree with him," Cramer said.

He added that a share buyback when the trading price was lower allowed the company's stock to see a "remarkable renaissance."

The company exceeded quarterly earnings estimates, earning $1.02 per share and $3.85 billion in revenue in the first quarter. Analysts' expectations hovered around 94 cents per share and $3.83 billion in revenue.

Cramer added CBS is going for a cheap trading price after a "truly remarkable quarter."

As far as entertainment investing goes, Cramer has a clear choice, he said.

"I would rather chase CBS than Time Warner," he said.

CBS shares were up 30 cents, or 0.5%, to $55.96 on Wednesday afternoon, giving the company a $25.47 billion market capitalization.