This commentary by Jim Cramer was originally published on RealMoney earlier Tuesday. For a free trial to RealMoney, click here.NEW YORK (RealMoney) -- How could News Corp. ( NWSA) go up almost a dollar today despite the endless grilling the Murdochs received in front of British lawmakers intent on finding out, to use the old Watergate phrase, "What did you know and when did you know it"? Isn't this empire falling apart before our eyes? Isn't this the denouement of a great media empire? Isn't this a modern day Citizen Kane, where a tremendous kingpin and his newspaper come crashing down, one where you want to jump up and down and shout "Rosebud," which would have been far more effective than a shaving-cream pie in making the twilight point? Does the stock's rally just mock us?
Hardly. In fact, this is just exactly how things play out in the stock world. Today was the peak day, the day when the buck stopped at the Murdochs, and despite what I am sure will be endless attempts to keep this juicy story alive, from now on it will be more Page Six than it is the business page, meaning that the worst is over for the business, even if it isn't for the Murdochs, although it is probably over for them, too. First, Rupert Murdoch may have looked, sad, tired and old, but his company is anything but. It is robust with rising ad revenue and terrific properties. You may not like how Murdoch built his empire, but believe me, it is an empire and a lucrative one at that. Second, this is a media company that grows at 14% a year yet it sells at only 14x earnings. Given the consistency of earnings and the huge cash flow, cash that can be used to pay a gigantic dividend or buy a ton of stock, this may be the cheapest high-growth media stock in the world.