Matthew gets a title bump to "Coordinating Producer" and tries to boss the staff around. Mr. James announces his wife candidate search and tries to negotiate a marriage. Lisa looks for a new job and tries her hand at MTV News.
No one believes Bill when he tells them that a bell-ringing Santa is threatening to kill him. The staff is disappointed by Mr James' cheap Christmas presents, so he gives new cars to everyone... except Matthew.
Once a year, Mr James plays poker with other station owners, and the stakes are pieces of their respective stations. Mr James loses the coffee machine, and then he loses Bill. Mr James realizes he's lost his magic, so Lisa plays as his proxy.
Matthew nearly loses it when he tries to get the staff to rent a house in the Hamptons together. Bill and Dave can't agree on a baseball promo, and spend an exhausting day with Mr James and a sound editor.
Joe is bothered by the building's new security cameras; Mr James thinks he's found the perfect wife candidate, he just needs to work out what's wrong with her; a fire in the building freaks Bill out but makes Dave and Lisa hot under the collar.
After seriously injuring a hand, Matthew is in a hard spot not having any insurance, so Lisa comes up with a plan that Dave falsify a report. Bill causes a problem by repeatedly saying "penis" on air, both in a news story, and in a follow up apology for saying it.