Cramer: News Corp. Is a New Game

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 ActionAlertsPlus.com 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.