Buying and being bought

On his 80th birthday, media magnate Logan Roy, whose imminent retirement was thought to be a given, shocks his family by announcing he's staying on indefinitely as CEO of Waystar Royco. The news shatters his son, Kendall, the heir apparent, who's in the midst of negotiating the purchase of a digital-media venture founded by a slick operator named Lawrence. After an impromptu softball game, tempers flare as Logan's other children – Roman, Shiv and Connor – raise objections over Logan's intentions, including his desire to change the way his eventual successor will be chosen.

Tom has a bachelor's party to remember; Kendall and Roman eye new business opportunities.

Roman and Kendall do a "routine health check" of a new media brand to help Vaulter to determine the future of the company. Tom tasks Greg with sniffing out waste at ATN, as Greg wonders if the divisive media outlet is the right fit for him. Connor and Willa host a soiree to mark their return to New York. Shiv brings Tom in the loop about her future at Waystar and with Gil's campaign.

Logan informs his skeptical management team of his plan to make another attempt to acquire Pierce, a rival media company and one of the most respected names in news, and brings back Frank to work on the deal. Convinced the acquisition is a terrible idea, Shiv asks Tom to deliver the message to Logan at a corporate retreat in Hungary. Greg worries his pre-meeting with a Logan biographer puts his standing with the family at risk. Connor's presidential announcement irritates Logan.

Roman begins a six-week management training program in the Parks division and is irritated about spending so much time with "normals." Logan brings Shiv in for a day at Waystar, raising suspicions with Kendall and Gerri. Connor and Willa attend the funeral of a family friend with a complicated past. Logan and Kendall arrange a covert meeting with PGM CEO Rhea Jarrell, as a controversy surrounding a star anchor leads to a day of chaos at ATN headquarters.

Logan attempts to solidify his buyout of PGM at a weekend retreat at the Pierce family home, where Shiv, Roman and Connor veer from their carefully orchestrated roles. As the Pierces question whether an alliance with Waystar Royco will tarnish their legacy, Kendall makes his case to Naomi Pierce during a drug-filled night.

As Logan looks to finalize a deal to buy the Pierce family's papers and TV stations, a threat to the deal arises from an unexpected quarter; Tom worries about ATN's new slogan after learning some distressing news from Greg.

At Kendall's lavish birthday bash, Shiv and Roman try to arrange a meeting with Lukas Matsson, a tech mogul who recently snubbed Logan.

At a luxe family wedding in Italy, Roman airs suspicions, Gerri draws a line, and the Waystar team grows concerned about rogue tweets.

Matsson's vision for the GoJo-Waystar relationship leads Shiv and Roman to manage the fallout, while Logan weighs his options.

As Kendall, Shiv, and Roman hone their pitch for potential investors in LA, a call from Tom shifts the siblings' focus towards one of their dad's long-coveted companies. Back in NY, Greg's uninvited plus-one raises questions at Logan's birthday party, Connor considers throwing a gargantuan sum at his campaign, and Tom seeks assurances from Logan.

After Shiv discovers that Tom is following Logan's playbook, she, Kendall and Roman consider backing Sandi and Stewy's aggressive play on the Matsson deal; Logan gives an impromptu pep talk to the ATN newsroom and outsources a tricky conversation.

As Roman, Kendall and Shiv navigate a misstep with Matsson, the Waystar team discusses a pivotal recommendation to the board ahead of the GoJo sale; angling for position, Kendall seeks support from Stewy and Hugo.

After the Waystar team heads to Norway, Shiv, Kendall and Roman consider whether to fight for Logan's crown jewel.

The sale of Waystar Royco to Lukas Matsson edges closer and closer and the prospect of this liquidation causes family division among the Roys, who anticipate what their life will look like once the deal is done.

Hoping to work the angles on the GoJo deal, Kendall and Roman ask Shiv to invite a political insider to Logan's annual pre-election day party. Later, Connor considers whether to adjust his ambitions after receiving intel from the Mencken team, while Kendall and Roman catch wind of a potentially fortuitous scandal.

As the family girds themselves for an emotional funeral, Kendall finds himself at odds with Rava… and inopportune news from Jess. Later, Shiv tries to reposition herself within a new political landscape, as Kendall rallies supporters to his side.

Ahead of the final board vote on the Waystar-GoJo deal, Kendall and Shiv try to shore up their opposing interests...and get a fix on the whereabouts of a physically and emotionally bruised Roman.