- Still addled from the events in England, Kendall tries to make amends with his dad; Logan receives some unvarnished advice from his financial banker; Tom maneuvers for a new position in the company.
- The episode opens with Kendall Roy (Jeremy Strong) soaking in a hot tub at a Rehab Clinic in Iceland. An attendant summons Ken to follow her. Clad in a white bathrobe, Ken meets Ragnar Magnusson (Ingvar Sigurdsson), an agent of Pinks in London [a PR firm that frequently works with Waystar-Royco]. He informs Ken that he is taking him to a studio for an interview. As Ragnar and Ken drive, Ragnar explains that, "Sandy, Stewy and Maesbury Capital wouldn't proceed with their bid without you, but they have gone public with the bear hug. The advice was we should get you on TV this morning as New York opens. Okay?" Ken is being asked to publicly disavow the takeover attempt and any involvement he may have had against his father. Ragnar hands Ken a succinct note that reads, "I saw their plan. Dad's plan is better." This will be Ken's mantra whenever he is asked why he backed out. Karolina (Dagmara Dominczyk) meets Ken outside of a studio and tells him they have a suit and a makeup person ready for his TV appearance. It becomes clear that the brief talking point was prepared by Karolina. Ken's nose starts bleeding, but he insists he is ready for the interview. Tom Wambsgans (Matthew Macfadyen) and Shiv Roy (Sarah Snook) are on the family yacht watching the interview. Shiv observes, "God, he looks terrible. He's like a sweaty corpse." In a hospital corridor in Japan, Roman Roy (Kieran Culkin) and Gerri Kellman (J. Smith-Cameron) are watching the interview. Roman is also on the phone with Shiv. At Waystar headquarters in New York City, Logan Roy (Brian Cox) is watching the interview in a conference room. He quips, "Ladies and Gentlemen, the first f**king thing my son's ever done right in his life."
Credits Roll.
Tom and Shiv are on their honeymoon aboard the Roy yacht. The news causes them to cut short their plans. Ken arrives back in New York on a chartered jet and meets Colin (Scott Nicholson). Colin is Logan's bodyguard, and also acts as a general purpose fix-it man. Ken is expecting to have a motorcycle as his personal transportation, but Colin informs him that Logan insists he has an escort/driver for the bike-Ken will be a passenger, and will ride on the rear seat with a helmet. Ken is driven to the Waystar-Royco headquarters building. He goes directly to Logan's office. His father greets him with, "Oh, here he is! Mr. Potato Head. My plastic adversary." Karl (David Rasche) has been appointed the CFO following the firing of Frank Vernon [In Season 1]. Karl gets up to leave, but Logan tells him to stay during Ken's debriefing. Logan demands to know what the hostile takeover game plan and timetable Sandy and Stewy are planning to use. Obviously uncomfortable, Karl takes his leave. Logan tells his son that he wants him to call major shareholders to quiet things down. Karolina gives him the list and Ken asks about his PA, Jess. He confesses that she is the go between him and a reliable drug dealer. Ken has a serious cocaine problem.
Logan is at home in his apartment having dinner with his banker, Jamie Laird (Danny Huston). Logan demands to know why Jamie didn't know about the hostile takeover. When pressed, Jamie tells Logan that he should sell, otherwise the fight could last for months or even years. Jamie expresses his opinion that the traditional media world is shrinking (newspapers, TV outlets, etc.) and few if any will survive. He sums it up, "Culturally, structurally, and financially, you're in the toilet. The wise thing to do is to sell." Roman is in Japan. A billion dollar communications satellite launching fiasco is now under investigation. There were both fatalities and injuries. Logan sends out a text message to his children that he is planning to sell out. Each of his children react. Greg Hirsch (Nicholas Braun) visits Kendall in his apartment. Greg is there to supply Kendall with a little nose candy. Like everything Greg touches, he manages to botch this simple assignment, buying cocaine in the park from someone he has never met. Ken pronounces it as garbage. Logan is having the Hampton's mansion opened. It is known by the family as the Summer Palace and has been both renovated and closed-up for the season. Kendall is the first to arrive (by motorcycle with his driver). A large staff is busy preparing for the family's arrival. A massive inventory of food is being assessed. Kendall is early. Immediately Ken asks about the awful smell. Next to arrive are Shiv and her husband Tom. Shiv meets Roman on the staircase. Shiv and Roman go outside for a walk to discuss the situation between Ken and Logan. Shiv tells Roman he is in the best position for succession. Roman suspects his sister of playing mind games, and tells her so. Logan, Marcia (Hiam Abbass) and Colin arrive at the Summer Palace. All anyone can discuss is the awful smell in the house. Logan orders Ken to assist him in finding the source of the smell. Ken meets with Colin in the privacy of the laundry room. Colin briefs Ken on the cover up of the accident where Kendall's drug connection, Andrew Dodds, died in an automobile accident. The kitchen staff are preparing an elaborate spread for the Roy family. Ken goes for a walk outside and encounters Roman and Shiv. It is uncomfortable for all, but they have it out.
Marcia interrupts Logan in his study to inform him that the source of the odor has been found. Marcia asks Logan about selling, but he won't give her a straight answer. Marcia presses and tells Logan, "Maybe you should sell. You're old. You've not been well." Logan wasn't expecting that, but tells his third wife, "Okay. Very well. Thank you." A couple of workers have been hammering at something in the fireplace, when a gunny bag falls out. There is the source, a couple of maggot covered raccoons. Logan orders all the prepared food be thrown out, "It's sat around in the stink! Pizza! We'll have pizza." Ken is outside smoking and observes the kitchen staff throwing huge quantities of expensive food into the garbage cans. The children have been summoned. Gerri joins the family at the table. Shiv suspects it's a loyalty test-see what children want to sell. Logan and Willa (Justine Lupe) are at the table, now covered with a half dozen pizzas. Everyone takes their seats. Connor (Alan Ruck) joins Willa. Logan sums up the question-fight or sell out. Logan must now arrange a successor. He tells the group, "So please, I want you to speak freely." To this, Shiv titters, then observes, "Oh. Anything you say can and will be used against you in a court of law." Kendall is the first to suggest fight. Connor questions Ken's status as a double agent. Tom votes to stay and fight. Willa volunteers a vote to sell. [Note: Why does Willa have a seat at the table and a say? She isn't married to Connor and doesn't own any stock.] Shiv questions whether Logan really wants a straight answer to his question. Roman refuses to give his answer in front of the others. Logan gets up and walks away from the table. Shiv and Roman follow their father. Logan is in his study and orders Roman and Shiv to enter one by one. Roman enters and tells his father he has a plan to restructure the company. Tom asks Shiv her opinion and she still insists it is not a serious discussion, but a loyalty test. Tom tells his wife that he wants out of Parks & Cruises, possibly a senior role in media or the top job. Logan calls Shiv in for her vote. Shiv also suggests a restructuring plan, selling money burning units, but she is still wary of complete honesty. Logan tells his daughter, "Well obviously, I always wanted one of you kids to take over." Logan states that if he stays and fights he will have to name Kendall as successor. Shiv explodes. She is convinced a deal has already been made. Shiv is both shocked and amazed when Logan suggests she join the company and be groomed as the next CEO. She still doesn't fully trust or believe her father is serious. She calls his bluff, so he get up and starts to send a public message out announcing he plans to sell. Shiv agrees to Logan's plan. They discuss the details, including keeping the deal secret from her siblings. She must be brought up to speed on company matters before any formal announcement. Shiv informs her husband that she negotiated Chair of Global Broadcast News-ATN for Tom.
Logan meets with the renovation contractor. He confronts the man on the cost of materials and labor and accuses him of placing the raccoons in the chimney. Logan tells the contractor he will pay only $100,000 for the work done, not the $300,000 the contractor has billed. The contractor can sue for the difference. That evening Logan convenes his family for his decision. He is convinced that in a few years there will only be one legacy media company left and he announces that it will be his. He further announces that Kendall and Roman will act as co-chief operation officers, and that Gerri will be named as successor (but only on paper-he makes it clear to her that she will be a figurehead only). Ken and Logan take the company helicopter back to the city. Ken has the unpleasant task of informing Sandy Furness (Larry Pine) and Stewy Hosseini (Arian Moayed) that Logan will stay and fight the hostile takeover by the Maesbury Capital Group. Logan stays in the limo while Kendall goes into the bar where Stewy is waiting for him. He has a few words with his old friend Stewy. Stewy is insulting and demands to know why Ken backed out of their deal. Ken reverts to the mantra about having seen their plan and that his Dad's plan is better. Ken informs Sandy and Stewy that his father will go after them both professionally and personally. He makes some pretty serious threats. Sir Sandy is not impressed or scared. He sums it up, "Good. Well, let's move ahead with that process, shall we."
End Credits Roll.
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