- Media magnate Logan Roy shocks his family with a stunning announcement on his 80th birthday. The news shatters his son Kendall, the heir apparent who's in the midst of negotiating the purchase of digital-media venture.
- The episode opens with a black screen and a person snoring. He wakes and gets out of bed asking, "Where am I? ... Where the f**k am I?" He is looking for the bathroom, in the dark, and when he thinks he's found it he begins urinating. His wife calls out his name and opens a door shedding a little light on the situation. We meet Logan Roy (Brian Cox) wearing a gray tank top, again asking "Where am I?" His wife, Marcia (Hiam Abbass) assures her husband, "It's okay. We're in the new place." It is now morning in New York City and Logan's second son, Kendall Roy (Jeremy Strong) is riding to work in a limousine. He is listening to music on headphones. He is dropped off at the Waystar-Royco headquarters building.
[Credits Roll]
Kendall greets the company CFO, Frank Vernon (Peter Friedman). They are completing negotiations for an acquisition of Vaulter, a web/tech company, to add to the Waystar-Royco portfolio. Lawrence Yee (Rob Yang) is sitting with his team in a conference room. Ken thinks everything is ready to sign when Yee informs him, "Look, uh, I'm really sorry, but it looks like there's an issue. I can deliver a lot more value for our shareholders." Lawrence concludes the meeting, and leaves the conference room. Ken chases after the Vaulter founder and CEO, but Lawrence makes his position clear, "I'm not letting you Neanderthals in to rape my company, ever." After shaking Ken's hand goodbye, he gets into the elevator and promptly washes his hands with hand sanitizer. Ken is adamant about the acquisition and tells his team he'll push the bid to 120.
At the Amusement Park, Cousin Greg Hirsch (Nicholas Braun) is sitting in his car enjoying a joint. Greg has joined the Waystar-Royco "family" of employees at the bottom most rung. Greg puts his costume head on and wanders around the park. He is Doderick, a brown dog character that sports a necktie. A small group of children surrounds Greg and begins attacking him. Greg manages to swear at the children before vomiting out the eye holes of his costume head. Needless to say this ends his career at the park. He calls his mother to explain what happened. Marianne Hirsch (Mary Birdsong) tells her son to get on an airplane and come to New York. She will make arrangements with Marcia for Greg to attend his great-uncle Logan's birthday party.
As Ken discusses the Vaulter acquisition with his team, his younger brother, Roman Roy (Kieran Culkin) arrives with a "Business Alchemist" to burn sage in the conference room - presumably to scare off evil spirits. Roman has recently been relocated to New York from the Studios out in Los Angeles. Ken informs his brother they are up to 125 for Vaulter. Roman is satisfied to let Ken call the shots on the deal, then lets slip that Ken will soon be "captain of the ship." This is supposed to be a secret from the employees and the world outside. At the Roy apartment, Marcia is seeing to the birthday lunch details in the dining room. Logan, slightly befuddled and bored, wanders around the apartment. Out on the streets of New York, we meet Logan's only daughter, Siobhan (Sarah Snook). Shiv, as she is known to the family, is out with her fiancé, Tom Wambsgans (Matthew MacFadyen). Tom is agonizing over a birthday gift for his soon to be father-in-law and asks Shiv's advice. Shiv advises, "So make sure it looks like 10 to 15 grand's worth and you're good."
Ken is still working with the acquisition team when Logan shows up. He has an alteration to the family trust involving his third wife, Marcia, and asks Ken to sign off, which Ken does without reading the document. Logan runs into Greg in the lobby of his apartment building. Logan's bodyguard, Colin (Scott Nicholson), sees the package in Greg's hand and assumes the worst. Greg is manhandled until Logan calls Colin off. In the apartment we meet Logan's oldest son, from his first marriage, Connor (Alan Ruck). Connor lives out in New Mexico and has distanced himself from any involvement in company business. Logan asks Roman about the Vaulter proceedings. Dad's little spy reports that, "Not so good. It's a s**tshow." Ken and Frank deal with another Vaulter problem, a potential bidder in the wings. Ken is desperate to make this deal happen because he is sure Logan is going to announce his retirement and Ken's elevation to the top spot. Ken briefs Logan on progress and again asks about his new role at the company. Ken's wife Rava Roy (Natalie Gold) and children arrive at the party. It becomes clear their marriage is over and Ken's drug problem is the cause.
Before lunch, Logan asks his children to meet with him in private on the trust changes. He wants his children to agree to Marcia being added to the trust and that his seat would go to her upon Logan's death. Then Logan drops the second bomb - he is not retiring and will stay on as head of Waystar-Royco. Ken is dumbfounded and can't believe what his dad just said, so Logan spells it out for him, "I just said, son, or were you not listening, as usual?" Ken clears the dining room and has it out with his father. Logan reminds Ken that three years ago he was in rehab, but Logan prefers to call it the nuthouse. Next Logan expresses, in rather crude street language, that the Vaulter acquisition was handled poorly, "Is that why you're paying a billion dollars for a gay little website?" Logan makes it clear to Ken that it is his company and he has, and had over the years the vision to build it into the fifth largest media conglomerate in the world. Lunch is served. After lunch Frank makes a speech about Logan and reiterates his thirty year friendship. Logan announces he wants to play "the game". The game it seems involves the family flying on three of the company helicopters to a baseball field for a few innings. On the ride, Shiv reviews the trust document and shakes her head no to Ken. Roman gets his alone time with Dad and expresses his interest in a COO position and his issues with Frank's oversight of his every move.
On the baseball field Logan asks Shiv if she'd consider coming into the firm. For both Shiv and Roman this is serious negotiating time. Logan desperately wants the changes to the trust and he must have his children's signature on same. Shiv suggests the top job, but Logan counters with running the non-U.S. operations. Tom makes his move, he presents Logan with his birthday gift. It is a Patek Philippe watch. It is clear Logan has little regard for Tom, despite the fact that he will sometime soon be his son-in-law. The game starts and Ken gets a hit, but leaves to take a phone call. The gardener's son substitutes. Ken takes the helicopter back to the city to meet with Lawrence Yee. He ups the purchase price to 140 and a board seat. The baseball game is over, and Colin meets with the gardener and his family. They get the watch as a gift from Logan. Frank gets a surprise himself - "light duties", in other words the axe. The children are ordered to accompany Logan on his helicopter for the ride back to the city. Logan wants those trust papers signed, but Shiv and Roman decline to sign. Connor will go along with his half-siblings. Logan internalizes his anger and frustration with his two youngest children and begins to mumble incoherently. He slumps over into Connor's lap.
Ken, in the boardroom, is congratulating himself and the team when Lawrence tells him about the news regarding Logan, "Your Dad just had a brain hemorrhage." Ken is shocked and dismayed that Lawrence would concoct such a cruel joke. It is no joke. Lawrence Yee then assures Ken that, "You just invited me into the chicken coop. And without Daddy around to protect you, I'm gonna eat you all. One by f**king one." Ken gets a phone call from his sister, Shiv, confirming that Logan is in the hospital. Marcia is just outside Logan's room, while the children wait outside in the ward hallway. We close with a shot of the city skyline at dusk with news reporters' overlapping coverage of Logan's condition.
[End Credits Roll]
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