At least ViacomCBS has the luxury of going the wait-and-see route. For now, the company has a healthy enough balance sheet, with $5.4 billion of cash on hand, to wait for a better grasp of the regulatory landscape before making any major M&A moves. Management mentioned that investing in streaming is the best use of capital right now, and quite frankly, that's what investors want to hear because companies must be willing to pay to play in this kind of landscape.