Trama

Roman and Kendall do a "routine health check" of a new media brand to help Vaulter determine the future of the company; Tom tasks Greg with sniffing out waste at ATN; Connor and Willa host a soiree to mark their return to New York.

The episode opens at the Brightstar Amusement Park where the Roy clan are enjoying the rides while disappointed guests are being refused admittance to the grounds. Kendall Roy (Jeremy Strong) and his ex-wife Rava have taken their children to the park which has been set aside for their exclusive use. Also in attendance are Tom Wambsgans (Matthew Macfadyen), Greg Hirsch (Nicholas Braun), Connor Roy (Alan Ruck) and his girlfriend Willa (Justine Lupe). Roman Roy (Kieran Culkin) sarcastically greets his older brother, Kendall. Ken explains that it is his daughter, Sophie's birthday. Greg is looking for an apartment in the city and Willa suggests one. An aide tells Roman and Ken, "Logan's requested your presence in meeting room four." She next tells Shiv (Sarah Snook) she been summoned also. Logan Roy (Brian Cox) is watching an interview on the PGM Network with Stewy Hosseini (Aryan Moayed). Stewy is part of a hostile takeover team and asks the interviewer, "Is Logan Roy fit to run a 21st-century media organization?" Gerri Kellman (J. Smith-Cameron) suggests they go slow on a response until they have a better strategy, but Shiv suggests an immediate PR response. Logan agrees with his daughter and adds, "Now. Today. Karolina runs the words past Shiv." Next on Stewy's list is that Ken paid too much for Vaulter [An internet based news entity] and that it has been a huge financial disappointment. Stewy knows Logan's buttons, and he just pushed a big one. Logan asks Ken, "Do you think they suckered us? I think we got chiseled. Revenue projections down and down. I think we got screwed." Logan makes fixing Vaulter a contest between Roman and Kendall.

Credits Roll.

Shiv and Tom are in their new apartment penthouse. It is Tom's first day at ATN. Kendall and Roman visit Vaulter headquarters. Roman is being dismissive and snarky, and Kendall urges him to play nice. Waiting in a conference room is the founder and head of Vaulter, Lawrence Yee (Rob Yang). Yee asks about Ken's rehab. Ken explains, "We're just here for a catch-up." Yee asks who's in charge, and Ken admits, "My brother and I have a joint responsibility. We are sharing duties, but we're on the same page operationally." Ken adds that there is much talk about Vaulter regarding the proxy battle. Yee is quick to point out, "So you're defusing the bomb you planted." Kendall continues the lie, "We're just here for a routine health check." Yee suspects Logan is behind the inspection tour and Roman confirms it when he blurts out, "It's coming from Dad." Ken tells Yee he needs his help to prove to Logan that the purchase of Vaulter was not a mistake.

Tom and Greg walk to Cyd Peach's office. Greg admits to Tom that ATN is not where he wanted to work. Cyd Peach (Jeannie Berlin) greets Tom and says, "I know that this is gonna be a really productive collaboration." Shiv is working for Senator Gil Eavis. She talks with her co-worker Nate (Ashley Zuckerman). Senator Eavis (Eric Bogosian) is running for president. Shiv and Nate are in competition for the Senator's attention. Nate and Shiv had an affair and Nate is concerned because he never told his wife and is afraid Shiv will tell her. Gil is giving the campaign staff a pep talk when Shiv and Nate walk in. Gil offers Shiv the job of chief of staff in what he hopes will be his administration. Shiv has not told her boss about the CEO job at Waystar-Royco.

Cyd and Tom enter Cyd's office after a staff meeting. Tom is taken off guard by Cyd's direct approach and her genuine belief that ATN is a good and necessary balance to other news outlets. She is neither impressed with nor afraid of Tom. When Tom intimates that ATN is a little too right-wing and a mouthpiece for Logan's opinions, Cyd sets Tom straight. She tells him she doesn't like his patronizing attitude or his dismissal of the ATN culture. She adds, "Logan doesn't set our news agenda. We serve a community of news viewers who are really tired of being patronized elsewhere by latte-sipping douchebags with hundred-dollar haircuts." Tom has missed his opportunity to put Cyd in her place, but tries to salvage the situation by telling Cyd he intends to find the waste and fat in the division and remove it. After his encounter with Cyd he assigns Greg the task of sniffing out waste at ATN. Ken is in his office at Vaulter reviewing documents. Roman calls Gerri for her help as he has no idea what to do at Vaulter. Gerri explains that with the proxy fight she's very busy. Shiv visits Logan at his apartment. Logan asks Shiv about buying PGM. She dissuades her father from yet another attempt. Marcia (Hiam Abbass) joins the pair in Logan's study, unannounced. She explains that Connor and Willa have moved back to the city. Logan politely dismisses his third wife so he can talk to his daughter privately about the CEO job. Logan explains his timetable: Six months with Gerri (Legal) and six months with Karl (Financial), plus a year in Hong Kong or another foreign post, then a six month management training program stint. Finally, her training would include a year working alongside Logan. Shiv does not like the three year plus schedule and tells her father as much.

Logan, Gerri, Roman and Kendall meet to discuss Vaulter. It is clear that Kendall wants to salvage the division that he was instrumental in making part of Waystar-Royco. He admits that it needs some supervision and will require some cash infusion for a few years before it is profitable. With the proxy fight looming, Logan cannot wait for Vaulter to become viable. Logan asks for Roman's take on the subject. Roman contradicts all of Kendall's arguments and then adds an important fact that he knows will get Logan's response. He explains that Vaulter employees are looking to unionize. Roman advises keeping some components and shuttering the rest. After a bit more give and take, Logan decides Roman is right and orders Vaulter dismantled. Kendall agrees to handle Vaulter while Roman joins Gerri on the proxy battle. Bitterly disappointed, Kendall heads for the men's room for a little nose candy to steel his nerves for the task ahead.

Kendall visits his older brother at his new apartment. Connor shares the new digs with Willa (Justine Lupe) who fancies herself a playwright. It is close to the Theatre District and Connor plans to make this is campaign headquarters. Roman is in attendance with his wife, Tabitha (Caitlin FitzGerald). Greg tells Tom about his ideas for improvements at ATN. There is the potential of a headcount reduction of 30 to 50 personnel. Shiv and Roman observe Ken out on the terrace drinking and smoking a cigarette. Roman gleefully tells Shiv, "We're gutting Vaulter. It's Kendall's baby, and now we're gonna burn it." Shiv ventures out to join Ken and they talk about Vaulter. She is surprised at how meek Ken has become. Roman is having second thoughts about his recommendation to gut Vaulter and tells Tabitha. Tom suggests a meeting with Logan to discuss improvements at ATN, but Shiv suggests they leave so she can discuss the things privately. At home, Shiv pours her husband a large drink then tells him, "He offered it to me. To be next." Tom was under the impression that he could be Logan's successor. Shiv adds that she doesn't trust Logan to follow through or even if she wants the job. Shiv feels a certain relief to have shared the news she's kept hidden from her husband for over a week. Tom, on the other hand, is trying his best to mask his disappointment. Kendall and Lawrence meet. Ken breaks the bad news about Vaulter, "My dad wants to shut you down." Ken speaks to the employees to discourage unionizing. Ken meets Greg in one of the five apartment units he recently bought. He offers Greg the opportunity to live in one of them. Greg will learn there is a price to pay for a free place to live. Shiv and Tom join Roman and Tabitha at their place for dinner. Roman and Shiv discuss Kendall. Roman is convinced that he will be named as Logan's successor. Shiv has not told Roman of her deal with their father. Roman is convinced that the only other competition might be Tom, but Shiv dispels that notion. During dinner, Roman and Shiv revert to a childhood game of ganging up on a family member, in this case Tom is the victim du jour. They make light of his taste in clothes and his mid-western mannerisms, until Tom has had enough and tells his wife, "F**k off." Back at home, Shiv asks Tom's advice on her choice ahead - Waystar or stay with Senator Gil Eavis and a job in the White House should his campaign for President succeed. In a very prescient observation he tells Shiv that Logan could turn on her like he did on Kendall.

Kendall makes his move on Vaulter. He has set up a shadow operation for the "New Vaulter" on the seventh floor of the Waystar building. Kendall has moved the most viable components of Vaulter including the servers. The next step is to discard the vestigial pieces. Kendall goes to the Vaulter building and fires the remaining staff. They react initially with shock and surprise. One woman asks if the whole thing is a joke. Kendall makes it clear that everyone is to leave the building in 15 minutes. One employee calls Kendall a piece of shit, and another sums it up for the now unemployed staff by spitting on Kendall. Gil, Shiv and Nate are walking down the street when a man engages Senator Eavis in conversation. He shakes the Senator's hand and says, "Good to meet you man. I like you man." The trio gets into a waiting SUV. Shiv asks Gil, "Hey, you want some [hand sanitizer] gel? Some Purell for your hand." Gil does not appreciate the joke and after an exchange fires Shiv. To save face, Shiv claims that she quit. Kendall enters Logan's office to inform him, "Okay, it's done. Vaulter's dead." Logan's phone rings. It is Shiv on the line and she informs her father that she left the Senator's employ and is ready to begin the transition to Waystar and the promised CEO position. Roman enters Logan's office. Logan informs his youngest son, "Your brother's gonna be working in here from now on. I need him across the proxy battle. Can't afford communication slips. Okay?" He dismisses Roman and turn to Kendall, "You did good son. Make yourself at home." Kendall stops at a corner store, then drives off on the back of a motorcycle. It is night time in the city.

End Credits Roll.