CNBC’s Jim Cramer on Thursday updated his ranking of major media stocks, putting Fox at the top of the list, trailed closely by Disney.

Five months ago, Cramer ranked Disney as No. 1, with Fox in second, followed by Warner Bros Discovery and then Paramount. But according to him, it’s time to revisit this ranking because it’s been a busy week in the industry.

“The proxy fight at Disney came to an end yesterday, with Disney fending off legendary activist investor Nelson Peltz’s bid for two board seats. There’s also a lot of activity with Paramount, which has been engaged in complex takeover talks for weeks now,” he said. “Plus, we’ve gotten fourth-quarter earnings for each of these at some point and some of the stocks have had big moves, which is why this is a good moment to reassess.”

1. Fox: Cramer called Fox a “good, solid choice” because its stock hasn’t run too much and its latest quarter was “surprisingly resilient.” He also noted the company will likely do well during an election year.
2. Disney: The media giant’s stock has roared recently, in large part due to its proxy fight, Cramer said. But he questioned whether the board victory would serve the company well, saying Peltz is skilled at “helping companies create value.”
3. Paramount: Cramer said Paramount was an “enigma.” He noted that it has a poor balance sheet, but David Ellison’s Skydance Media could be in talks to acquire the company, Reuters reported. However, according to CNBC’s David Faber, Paramount would have to raise $3 million for the deal to happen, which is not ideal for shareholders.
4. Warner Bros. Discovery: Like Paramount, Warner Bros.’ doesn’t have a good balance sheet, Cramer said, with its most recent quarter missing Wall Street’s expectations. But unlike Paramount, it doesn’t seem to be involved in any merger discussions, he added.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Disney.