Summary
- Succession season 4 episode 5 sets up the future of Waystar Royco and the next generation of Roys as potential successors.
- Kendall and Roman must negotiate the GoJo deal with Lukas Matsson and make a difficult decision regarding Waystar Royco and ATN.
- Logan Roy's death continues to divide the Roy siblings, with Kendall seeking revenge and Roman defending their father's legacy.
Succession season 4 episode 5 "Kill List" is the halfway point of the HBO giant's final season and sets up the series for its thrilling finale. Succession already had an exciting first half of season 4, but episode 5 had the crucial job of positioning the next generation of Roys as either worthy or incompetent successors. Thus far, the season has followed Waystar Royco as they prepare for the inevitable GoJo deal. Although GoJo's acquisition of Waystar has been the main storyline of Succession seasons 3 and 4, Succession season 4, episode 3 put the brakes on this when Waystar patriarch Logan Roy died.
Season 4 episode 5 sees Kendall and Roman in the pivotal position of deciding the future of the Waystar Royco, in Sweden of all places. While the fallout of Logan's death is still affecting the Roy family, season 4 episode 5 gets things back on track, following Kendall and Roman as they travel to negotiate the GoJo deal with Lukas Matsson. The Waystar employees travel to the mountains to meet their GoJo counterparts and though the visit is ostensibly to find if the companies are a cultural fit, the meeting is about much more. Important characters and the company are all set on fateful paths in this Succession episode.
Every Succession Season, Ranked Worst To Best
HBO's Succession is already considered one of the greatest TV dramas ever, but how do its four seasons stack up against each other in quality?Matsson's New WayStar Offer In Succession The Season 4 Episode 5 Ending Explained
Matsson wants ATN
Although GoJo's acquisition of Waystar Royco was sidelined in episodes 3 and 4, Succession season 4 episode 5 puts the deal back in the spotlight. The episode sees the heads of Waystar Royco's various divisions travel to Sweden to work on the deal after Logan's death, with Kendall and Roman making drastic last-minute changes. Although Lukas Matsson lowballs Waystar Royco with his initial offer, he does make an interesting proposal: Matsson wants to buy Waystar Royco and ATN, the news network that had been carved out of the deal in Logan's initial talks with GoJo.
Kendall and Roman are divided on this deal, with Kendall wanting to hold on to ATN. However, after discussing with the board, Waystar Royco decides to proceed with the deal. Both Roy sons waver throughout the episode, and they attempt to get Matsson to drop the deal. Despite this, the deal is agreed upon at the end of the episode. Kendall and Roman were worried enough about selling most of Wayster to Matsson, but when he also insists on their father's prized possession ATN, they are taken aback to the point that they change their plans.
Why Kendall & Roman's Plan To Tank The GoJo/WayStar Deal Failed
Mattson saw through their schemes
Kendall and Roman decide to tank the GoJo/Waystar deal in Succession season 4 episode 5, but it fails. This is because, despite their position as co-CEOs, they have a fiduciary duty to the board to make a deal; jeopardizing that could see them removed from the board. If the deal soured because of their own personal issues, there could be an SEC violation and much more damage to the company. On top of that, Gerri, Karl, Frank, and the rest of the senior leadership were pushing for a deal and had little interest in working for a Kendall or Roman-run Waystar.
Although Kendall and Roman couldn't explicitly tank the deal, they still attempted to disrupt it. Kendall sent Greg to start quietly leaking that GoJo and Waystar employees were not getting along and Roman insisted that an unedited and unfinished blockbuster disaster is screened for everyone in an attempt to convince Matsson the company is in trouble. However, Matsson saw right through these "Ccooby-Doo" tricks. When he threatened to go above them straight to the board, Roman said he'd blow up the deal anyway, putting all his cards on the table.
What Is Happening With Shiv & Matsson In Succession Season 4?
The start of their romantic chemistry
Although Shiv Roy isn't a Waystar Royco CEO, she gets several scenes with GoJo CEO Lukas Matsson. The two meet privately, with their talks having a definite romantic undertone. Matsson asks Shiv for advice on personal problems, with Shiv speaking on behalf of her brothers and other Waystar employees. Kept out from the deals, Shiv begins to once again feel overlooked in the family. So when she and Matsson meet late one night, she can't help but enjoy his attention. Matsson reveals to Shiv that he previously had a relationship with his head of PR, and more disconcertingly, has been sending her frozen blocks of his blood.
Far from being aghast, Shiv is intrigued and gives him some advice on how to get out of the PR nightmare he's careening towards, namely, suggesting he discontinue sending people his blood. Matsson thanks Shiv and there is clearly chemistry between the two. Matsson even tells Shiv she reminds him of her father, which to Shiv, or any of the Roy children, may as well mean "I love you". Sparks between Matsson and Shiv continue to fly throughout the season before fizzling in the end, but it's in season 4 episode 5 when they are closest to acting upon their feelings.
How Logan Roy Is Still Dividing The Roy Siblings After His Death
Kendall is vindictive while Roman defends Logan
Although Logan Roy died two episodes ago, he still manages to divide the Roy siblings. Kendall's plan at the end of episode 4 shows that his vendetta against Logan is only growing. In contrast, Roman's defense of his dad's character shows that he has still not crawled out from under his father's shadow, even after he passes away. Shiv is turned into a tool for Matsson when he mentions how she reminds him of her father. All three of the siblings still live with Logan's hand on their shoulder and their inability to reason without considering what their father would think makes them each vulnerable.
Logan Roy’s Funeral Sets Up Season 4's Tensest Future
Succession season 4 episode 5 begins setting up for Logan Roy's funeral. While in Sweden, the Roy siblings receive a call from Connor, explaining that Marcia wants Logan to wear a kilt at his funeral. While this minor comic relief storyline may not seem like much, it shows that Logan's funeral is already causing strife within the family and that Marcia will not be leaving anytime soon. Notably, it's Connor who seems to be the only one concerned with arranging Logan's funeral correctly. Logan's other children simply don't have the maturity to handle the reality and this comes to the fore later in the season.
Succession Power Rankings After Season 4, Episode 5's Ending
An early lead for Matsson
As always, Succession season 4 episode 5 seriously changed the show's power rankings, but they got shaken up many more times before the series finale.
8. Karl - Although Karl was sitting pretty as the CFO of Waystar Royco, season 4 episode 5 reveals that he is on the company's kill list, meaning that he will soon be without a job (or power). Karl's star inevitably falls throughout the rest of season 4 until the finale when Tom says he will be replacing the old-timers. However, for someone like Karl who has been in the game long enough, even being fired won't completely ruin him. His golden parachute is always waiting.
7. Greg - While Greg still doesn't have much sway within Waystar, he is brought to Sweden, allowing him to have a minor influence as he interacts with the Roy siblings. Greg steadily creeps along, gaining power and influence until he almost throws it away in the finale. Fortunately, Tom saves him. Though Greg is powerless in the face of Tom, he still manages to hold on to a little influence thanks to their friendship.
6. Tom - Tom still doesn't know where he stands with Matsson or the Roys and neither prospect looks good. At the end of season 4 episode 5, it seems like a countdown until Tom is officially gone. This completely flips when by the end of season 4, Tom is named CEO, becoming the second most powerful person in the series.
5. Gerri - Gerri is still safe because her name is not on the kill list, meaning that Matsson thinks highly of her. This level of power is right around where Gerri ends up by the finale. After Roman fires her, her exit package is so large, that despite no longer being a part of the company, she will want for nothing.
4. Shiv - Although Shiv didn't get a CEO position, she is starting to get close to Lukas Matsson, meaning she has influence over the acquisition. Shiv's power rankings fluctuate all throughout the season and there are times were even she doesn't know where she stands. The end of the series sees her in a position of seeming power, wife of Waystar's CEO, but also powerless as she once again finds herself under the thumb of another man.
3. Roman - Roman is inherently powerful because he is one of Waystar Royco's CEOs, but his inexperience and emotion make him less influential than his older brother. His attempt to anger Matsson actually works resulting in a huge buyout. This is as high as Roman ever gets, steadily sinking in the power rankings until he's unceremoniously removed from Waystar, stuck drinking martinis alone.
2. Kendall - Kendall is also one of Waystar Royco's co-CEOs, and episode 5 shows off his negotiation prowess, meaning that he has a lot of hold over the company's direction. Kendall successfully, though unintentionally, negotiates a huge buyout and the executives are legitimately impressed with him. His time at the top doesn't last long, and in the finale, he has fallen as far as anyone can.
1. Lukas Matsson - Being the CEO of GoJo, Matsson is in the driver's seat, with him having the most sway over how the final deal goes. Matsson only briefly stumbles in Succession on his way to the top and by the finale, none of his lies about numbers matter, and he is clearly the most powerful character.
How Succession Season 4 Episode 5 Sets Up The Ending
The GoJo deal has been the biggest story of Succession seasons 3 and 4 so far, and to finally see that plotline move forward is important for the pace of the story and a relief for viewers who were beginning to wonder if that issue would ever be revisited. Matsson's reintroduction to the series after only speaking on phone calls puts the character in a position to become a massive obstacle for the siblings. His ability to keep calm and manipulate each of the Roys in Sweden is just a taste of what he does later in the season.
Cracks also begin widening between the Roy kids in season 4 episode 5. Shiv begins to understand that her brothers have no intention of ever including her in major decisions, Roman’s disgust with Kendall and his willingness to bow to Matsson becomes more apparent, and Kendall begins to distrust Roman's abilities to actually do the job of co-CEO. With the Gojo deal now done, Roman and Kendall are forced to hurry their plan to make Waystar appear unattractive to Gojo's board so the sale doesn't go through. Succession season 4 episode 5 is in many ways the beginning of the end of the series.