NEW YORK ( TheStreet) -- Debra Borchardt: News Corp. ( NWSA) reported a pretty good second quarter, but, but, but ... they said get ready because things are going to get a little worse?

Jim Cramer: Right. We have a position at and Stephanie put out a bulletin list to summarize a lot of this, but let me just go into it for those who don't subscribe -- I obviously think you should.

There are three issues. They have a problem with Italy. I think that's understandable because Italy is weak. This is their cable company. They have a problem with Australia in publishing; Australia has been weak. The economy there has been under pressure. They have a problem with Fox. This is Fox the broadcast...

Debra Borchardt: American Idol, a little soft; X-Factor, a little soft.

Jim Cramer: Exactly. They happened to have a four-game world series, which wasn't that good. The NFL ...

Debra Borchardt: Darn those San Francisco Giants.

Jim Cramer: I know. Exactly. The NFL didn't do ... they had some problems with collegiate football. They didn't get the right matchups. They actually mentioned Ohio State not being able to play, which I thought was funny.

Here is one that I did find curious. They said that in the NFL playoffs, NFC was double-digit down. I thought that was amazing because those games were terrific.

Debra Borchardt: And yet, for all of this that we're talking about San Francisco Giants sweep, Ohio State ... these things hurt them and they're still going after sports.

Jim Cramer: Right. I think that they own this Fox News property is terrific, that's cable. They call it the worst kept secret, which is going up against ESPN. ESPN has obviously been a tremendous driver for Disney ( DIS). ESPN is very, very successful.

Debra Borchardt: Huge.

Jim Cramer: Fox has enough property ... News Corp. has enough properties to cobble together what could be this fabulous international ESPN. ESPN actually has some international ... I was watching ESPN international the other day. It's very, very good. But I do think that that's what people want.

The reason why the stock isn't getting hammered is because they're kind of holding out. Look, we're going to do that ... remember they are splitting. They're buying back stock. The split makes a lot of sense. That's why we own it. The split is going to be complete at the end of the year. They continue to buy back stock, but it's not clear what's going to happen with the capital structure. They may not buy it as aggressively, that was mentioned.

If this is going to be a huge international sports play, I want to be in. That's why I think the stock is not down that much given the fact that at one point it was down to 26.

Debra Borchardt: So, right now I guess, if we could make a sports analogy, what inning do you think News Corp. is in right now?

Jim Cramer: I think that because it's splitting, it's going to be a whole new ballgame.

Debra Borchardt: They're going to start over at the beginning ...

Jim Cramer: It's a reset.

Debra Borchardt: New kickoff ... reset ... so OK, there you have it for News Corp., getting a little beat up, but it looks like Jim is siding with them thinking that there is still some promise and some future in the international sports arena.

Jim Cramer: Definitely.

-- Written by Debra Borchardt in New York

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