This one fazed me. This one dazzled. Blown away, simply blown away.

Even

Jeff "Stoic" Berkowitz

called me at 5:30 a.m. to say "wow." He never says wow about anything in this business.

AOL-Time Warner merger: Join the discussion on our

message boards.

Yeah, I am talking

Time Warner

(TWX)

-

AOL

(AOL)

. Because this deal changes everything.

In one fell swoop it validates all of these seemingly wacko valuations from the Net, admits that old media has been surpassed by new media, and says that content will be delivered primarily on the Net -- both

CNN

and magazine content -- in the very near future.

Think about it. Is CNN overnight now more powerful than

NBC

or

ABC

or

CBS

? It is the AOL network. Will

Time Inc.

now run all of the media properties on AOL? Will AOL be the most important media company in the world?

First take: This deal changes everything upward. Second take: Will

Yahoo!

(YHOO)

now merge with

General Electric

(GE) - Get Report

and

Lycos

(LCOS)

with

CBS

(CBS) - Get Report

? Third take: Holy cow, I can't believe they could keep this secret. Fourth take: Was

CMGI

(CMGI)

ever right about blocking that blockhead Lycos merger. If Lycos keeps going, it could buy its own network! Fifth take: Oh yeah, and don't forget, game over on the broadband strategy because of RoadRunner. AOL just solved its Achilles heel!

Congratulations to both companies for redefining the term blockbuster merger. This is just plain exciting.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long America Online, CBS and Yahoo!. His fund often buys and sells 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.