Editor's Note: The following contains spoilers from Season 4 Episode 3 of Succession.With the sudden and (arguably) tragic demise of Logan Roy (Brian Cox), virtually everything concerning his company Waystar Royco is now in disarray. While there will likely be some sort of power struggle between the three Roy kids and the non-Roy Waystar executives, it’s still a bit unclear to some Succession viewers exactly what was going on with the proposed deal between Logan and Lukas Matsson (Alexander Skarsgård). Perhaps even more uncertain is where that deal now stands with Logan out of the picture. It’s a complicated business proposition with a lot of moving parts but perhaps the best way to analyze it is to ask: what do all of these characters want exactly?
Logan Roy Wanted To Sell Waystar Royco, but Keep ATN
Logan’s plan was to sell Waystar Royco to Matsson while keeping the right-wing cable news network ATN for himself. Prior to his death, he had not yet negotiated the details of that plan with Matsson. Logan did not want to potentially ruin the deal with Matsson by attempting to squeeze him for more money. Instead, he wanted to ensure that ATN would be his. As he announced to the ATN staff while standing on a makeshift stage of boxes, he fully intended to remain at ATN and supervise its operation. With Logan now gone, ATN is officially still run by Cyd Peach (Jeannie Berlin) and Tom Wambsgans (Matthew Macfadyen). But, of course, all of that could soon change.
The Roy Kids Wanted To Squeeze More Money Out of the Deal, Then Buy Pierce
Shortly before their father’s death, Kendall (Jeremy Strong), Shiv (Sarah Snook), and Roman (Kieran Culkin) had decided to attempt to squeeze more money out of their father’s deal with Matsson. They believed it was a smart business move and would make all of them richer. While none of them especially needs to worry about their personal finances, they had committed to buy Pierce Global News for $10 billion. Pierce was the company their father had desperately attempted to acquire before ultimately being rejected. Acquiring Pierce was both a way for the Roy kids to get revenge on their father and maintain important positions for themselves in the media world. While it’s not precisely clear how much money the Roy kids personally have, the general idea is that they either want or need the sale of Waystar Royco to happen in order to have the funds to purchase Pierce.
Sandi and Stewy Also Want To Squeeze Matsson Dry
Sandi (Hope Davis) and Stewy (Arian Moayed) are both major players at Waystar Royco who convince the Roy kids to go against their father’s wishes and attempt to get more money out of Matsson before selling the company. At first, the Roy kids dismiss them but then become convinced to join this rebel alliance. Sandi’s father, who is confusingly also named Sandy, had previously plotted with Kendall to kick Logan out of the company. Stewy is an old friend of Kendall’s who mostly just wants to make more money. So both Sandi and Stewy have good reasons to rebel against Logan and fatten their respective pockets in the process.
Matsson Wanted the Deal To Go Through As Planned
Lukas Matsson is concerned that members of Waystar Royco will attempt to squeeze more money out of him (which, as we know, is a valid concern). He calls Kendall and threatens to kill the deal if this happens. Kendall and others seem to be convinced this is a bluff and that Matsson would be willing to pay more. Logan was adamant that Matsson could very well walk away from the deal if the price were to escalate. While we don’t know exactly what Matsson is thinking or planning, everything we’ve heard him say indicates that the deal could be in jeopardy.
So What Happens to Waystar Royco Now?
With Logan now out of the picture, what happens next with this whole complicated deal? Of course, we’ll have to finish watching Season 4 to know for sure, but a few things appear to be coming down the pipeline. First, a power struggle seems to be developing between the Roy kids and the non-Roy Waystar executives, many of whom were on the plane with Logan when he died. Second, the Roy kids now must decide what they really want. Do they want to ascend to the top of the Waystar ladder or continue with the plan to sell the company and then buy Pierce? Third, with Logan out of the picture, Matsson will probably reconsider his deal to acquire Waystar.
Only time will tell how all of this will shake out but a deal that was already complicated and fluid to begin with has just become even more of a FUBAR situation. Logan’s sudden death threw a wrench into everyone’s plans. Of course, this whole deal being complex, bewildering, and unpredictable is what makes Succession so compelling, and it will surely make this final season the can’t-miss TV event of the year.