“Radio is alive and well,” Jim Cramer said on a recent “Mad Money” TV show. “Ad spending for this fall’s midterm election will bring an influx of cash, and the industry overall has seen some vast improvements of late.” Cramer pointed out that most radio stocks have either been acquired, or gone out of business, leaving only Entercom Communications Corp. (NYSE:ETM), as the largest publicly traded radio company to play the trend with. Another huge boost coming for radio companies is a decision by the Supreme Court to allow unlimited political adverting by corporations. Entercom operates in 23 markets across the U.S., making it a great choice for corporations to express their political views this November. The company makes 78% of its revenues from local radio and has enjoyed a 50% increase in its digital advertising revenue. “Business is clearly coming back thanks to a recovering economy and rising ad rates,” Cramer said. The firm has also put itself in a much better financial and operational position by reducing its debt by $100 million and trimming its operating expenses by a whopping 8%. Despite a huge run in the stock, Cramer mentioned that shares still trade at just 8.6 times its 2011 earnings, while its long-term growth rate is 8.6%. He told viewers this is the best and only play on the coming radio boom, but he recommended waiting for the stock to pullback before getting in.    Get the scoop on tomorrow’s hottest trade ideas – TODAY! BeaconEquity.com PREMIER PICKS have an amazing track record. Join this select group and ride the profit wave!