Jim Cramer picks Disney as best of the major media stocks
CNBC's Jim Cramer on Friday ranked major media stocks, choosing Walt Disney as the best of the bunch.

"After earnings season, it's worth reassessing the independent media plays, because some of them are doing much better than expected," Cramer said. He noted that investors were concerned about this sector due fears that a slowing economy would weaken advertising revenue, coupled with the general idea there are so many other sources of entertainment competing for consumers' time.

Walt Disney " this quarter, Cramer said, reporting better-than-expected earnings after years of struggling. The company also managed to raise its cost-cutting projections by $2.2 billion. Cramer said CEO Bob Iger has taken control of Disney's narrative, expressing confidence that this quarter is a turning point. To Cramer, Disney is likely to deliver on its cost-cutting promises or at least "die trying." Fox Warner Bros $43 billion in debt, and Cramer said the stock won't perform well if it doesn't make progress on that front. Paramount

Disclosure: Comcast was excluded from the list to avoid a conflict of interest. Comcast owns NBCUniversal, the parent company of CNBC