CenturyLink's (CTL) - Get Report dividend is better protected now that it has agreed to acquire Level 3 Communications (LVLT) , according to TheStreet's Jim Cramer. CenturyLink, a telecommunications company, is acquiring Level 3 for $34 billion. Level 3 is a provider of internet infrastructure. According to CenturyLink, the combined company will be better positioned to further invest in broadband infrastructure for small businesses and consumers. The transaction increases the company's network by 200,000 route miles of fiber, according to a press release. CenturyLink also reported earnings on Monday, posting operating revenue of $4.4 billion.