And if you’re looking for a few more trades, Seymour suggests looking at Mexico-based Televisa (TV) as well as CETV (CETV), which serves Central Europe, and creating a basket of global media stocks made up of all three names.

In the interest of diversification, Cramer said both CTC and Central European Media shouldn't have been in the portfolio together to begin with. He said Central European Media is the way to play going forward.

I’m also bullish on some of the media names such as Central European Media Enterprises (CETV), CTC Media (CTCM) and Net Servicos de Comunicacao (NETC).

11.2

Personally, I like media stocks such as Net Servicos de Comunicacao (NETC), Central European Media Enterprises (CETV) and CTC Media (CTCM) because they are direct plays on these domestic economies. -- Tim Seymour

P/E of 107.

broadcasting

Planning to buy

Focused on growth in broadcast advertising and consumer economies in central and eastern Europe.

The best growth story in media. Owner of leading TV stations throughout Central and Eastern Europe provides great exposure to emerging consumer economies in the region.

Value Discipline: The margin of safety at current levels is nil, the stock is fairly valued in my opinion, given the superb economics of its growth.