People laughed last week when

CNBC's

David Faber broke the story about how

Rupert Murdoch's

News Corp.

(NWS) - Get Report

might buy

General Motors

(GM) - Get Report

. But I didn't. I think it would be a brilliant move. Here's why: Murdoch would get sole ownership of

Direct TV

, which he needs rather badly. In fact, he couldn't care less about the car company. He could spin that off. But the satellite division would be a gem for him because right now many cable companies don't carry his

Fox News Channel

and some of his other

Fox

programming. Murdoch could even do a whole business channel if he owned a satellite company, and it wouldn't be ignored because it could be among the first few channels loaded onto the box that comes with the satellite.

Without it, the growth of News Corp. will be stunted in the U.S. because many of the cable companies don't seem to want to "play ball" with Murdoch's team. Whole important cities are denied

Fox

programming. Either the price of carriage (the technical term for running a network) for News Corp. is too high, or the cable companies, for example,

TheStreet Recommends

Comcast

, simply aren't interested in carrying

Fox

programming.

Let me explain how much owning a dish company could help. You could make the first four channels

Fox

channels. Right now,

Fox News Channel

tends to be odd numbers all over the map -- if it's carried at all. Can you imagine how much money could be saved if News Corp. was able to advertise nationally: "Watch Channel 1 for

Fox News Channel,

the No. 1 news channel!"? I bet that would easily offset the cost of literally giving the dishes away. And if you gave the dishes away, you could have a shot at upending the cable companies that won't carry your programming. It would be a real coup.

I've thought about this idea a lot, since our show is carried on

Fox News Channel

. So, I have my fingers crossed that Faber, who is more accurate than just about every other mergers and acquisitions reporter out there (he refused to go with the bogus stories about

TSC

being desperate for a suitor because I told him they had no basis in fact; nobody else even bothered to check it out with the largest shareholder before they ran that false speculation), may know something. If News Corp. gets the satellite division, it would be huge upside for

Fox

. Without it, well, you draw your own conclusions.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long TheStreet.com, and Cramer was long TheStreet.com. His fund often buys and sell securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.