NEW YORK (TheStreet) -- TheStreet's Jim Cramer says Level 3 Communications  (LVLT) has come back from the dead, but he reminds investors that the company recently had a split, so the price has not always been where it is now.

Cramer notes Level 3 and Time Warner Telecom  (TWTC) are both content delivery systems, and he says companies do a lot of these deals to get the overflow of Netflix  (NFLX - Get Report) because not everything can go through Akamai  (AKAM - Get Report). The more fiber pipe necessary to send through movies and television shows, the more Cramer likes Level 3.

This deal makes Cramer like Level 3 even more and he recommends buying the stock. 

Must Watch: Jim Cramer Likes Level 3 Even More After Time Warner Telecom Deal

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STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.